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November 17, 2009

Tax Credit News for First Time Home Buyers and “Move Up” Buyers

Filed under: Ask the Expert, Real Estate Issues in the News — Tags: , , , , , , — katrina.christian @ 5:55 pm
We Have News To Tell…
 
First-time home buyers and move-up buyers have another great reason to get on the path to purchasing a new home! The benefit to first-time homebuyers is a tax credit up to $8,000 and for move-up buyers a tax credit up to $6,500. But this opportunity ends in April1.Tom Kunz, President and CEO of Century 21 Real Estate LLC, has commented on the legislation in a new video. Click here to watch.
 
Century 21
 
A Quick Overview:

 

• Between November 7, 2009 and April 30, 2010, homebuyers that have a signed binding contract to purchase a home may be eligible for the tax credit. The transaction must close no more than 60 days after April 30, 2010.
• First-time homebuyers may receive a credit of 10 percent of the purchase price up to the $8,000 tax credit amount. If you have never owned a home before or have not owned a principal residence in the last three years, you are considered a first-time homebuyer.
• For “move up” buyers, a tax credit of 10 percent of the purchase price of the new home up to $6,500 is available for homeowners who have lived in their current residence for at least five of the past eight years.
• There are additional allowances for military families.

Visit www.century21.com to learn more about the 2009/2010 Extended Home Buyer Tax Credit.

1 Source: H.R. (1) UNEMPLOYMENT COMPENSATION EXTENSION ACT OF 2009. Please remember to consult a tax professional for details. Credit expires April 30, 2010.

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