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These tips contain information that may change over time as a result of new tax legislation. Although we make efforts to keep this information current, you should check with your tax advisor before taking action based upon any information contained in these tips.
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Homebuyer Tax Credit Extended
In November 2009, Congress approved a new $6,500 tax credit for owners of existing homes who purchase a new principal residence. This new tax credit for existing property owners is separate from the popular $8,000 tax credit for first-time home buyers. Both tax credits apply to sales contracts entered into by April 30, 2010, and closed by June 30, 2010. To claim the $6,500 tax credit, existing homeowners must have lived in their principal residence for five consecutive years out of the last eight. The income eligibility limits for both groups have been increased to $125,000 for individuals and $225,000 for married couples.
Tips Disclaimer
These tips contain information that may change over time as a result of new tax legislation. Although we make efforts to keep this information current, you should check with your tax advisor before taking action based upon any information contained in these tips.