Home Buyer Tax Credit: Only 60 Days Left!
Posted by Phil Boren on Tuesday, March 2nd, 2010 at 10:40am.
Home buyers only have 60 days left to claim the home-buyer tax credit of up to $8,000. The new deadline is April 30th and the revised plan also provides a new credit of up to $6,500 for buyers who do not qualify as "first-time" home buyers. You can get more details using our Home Buyer's Guide, but here are a few facts:
- To qualify for the tax credit, the home must be contracted for by April 30, 2010 and the deal must close by June 30, 2010.
- Home buyers who have not owned a home for at least 3 years prior to closing are eligible for a federal tax credit of 10% of the purchase price, up to $8,000. Remember: This is a tax credit - not a tax deduction; the credit is much more valuable.
- "Other" home buyers are also eligible for a federal tax credit up to $6,500, provided they also contract by April 30 and close by June 30, 2010, and have owned their current home for 5 out of the previous 8 years. There is no requirement that the current home be sold.
If you're considering buying a home, now may be the perfect time. If you have any questions about Boulder real estate or about the home-buyer tax credit, please feel free to call 303-441-5647 or visit us online.
(C) Copyright - Phil Boren. All Rights Reserved.
Phil Boren
Direct: 303-441-5647
Email: pboren@remax.net
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