Move Up Buyers to Benefit from Tax Credit
A window of opportunity has just been opened for current home owners to make a move… up. Along with extending the $8,000 first time home buyer credit, congress has authorized a tax credit of $6,500 for those that already own a home. The tax credit for first time buyers has been an element in helping to stability to the real estate market.
The $8,000 tax credit for first-time home buyers has been extended through the first six months of next year. Added to the measure is a $6,500 credit for repeat buyers who have owned their current abode for at least five consecutive years over the previous eight years. For move-up buyers the purchase price is limited to $800,000; and individuals and couples cannot earn more than $125,000 and $225,000 a year, respectively. To qualify for the new or extended tax credit you must have a valid contract to purchase a property dated prior to April 30, 2010.
