If you haven’t taken advantage of the $8,000 First Time Home Buyer Tax Credit, now is the time! The $8,000 First Time Home Buyer Tax Credit has been extended through April 30, 2010 for qualified buyers!
Here are a few qualifications for the $8,000 First Time Home Buyer Tax Credit at a glance:
- The sale of the home must occur between Jan 1, 2010 and April 30, 2010.
- Have not owned a principal property in three years prior to purchase.
- 18 years of age or older and not claimed as a dependent.
There is more great news! If you are a current home owner of your current residence for more than five consecutive years you may be eligible for the new $6,500 Move-Up/ Repeat Home Buyer Tax Credit! The same timeline applies as the First Time Home Buyer.
Here is a glance at a few qualifications for the $6,500 Move-Up/Repeat Home Buyer Tax Credit:
- This only applies to homes less than $800,000
- Taxpayers with an income of no more than $125,000 or married couples with income exceeding $225,000.
For more information visit http://www.federalhousingtaxcredit.com/