Are you considering the home buyer tax credit?Â If so you have less then 60 days to put your home under contract.Â With the new extension that took place last November, you now do not have to be a first time home buy to qualify.Â You do not even have to have your current home sold when purchasing that step up home.Â Another key point is, that if you have qualified for the tax credit already, and your taxes have been completed for 2009, you do not have to wait until next year.Â You can file to amend your taxes and get the money now.
1)Â As long as you stay in your qualified home for 3 years, you don’t have to pay it back the credit back.
2) This is a dollar for dollar tax credit, it is not a deduction.Â It will be a reduction in your owed taxes of up to $8,000 for first time home-buyers and up to $6500 for qualified buyers who are repeating the process.Â Repeat buyers must have lived in the home at least 5 consecutive years during an eight year period by the closing date of the new home.
3)Â The income limit qualification has been expanded to include more buyers.
So hurry if you are planning to take advantage of this home buyer tax credit, you must have a contract in place by April 30, 2010 (with closing to take place by June 30, 2010), so call your real estate agent today!