Home Buyer Tax Credits Expiring
by Anne Fashauer, March 24, 2010
The two home buyer tax credits are expiring at the end of April. To take advantage of them, besides meeting their general requirements, you need to be under contract to buy a home before the last day of April. This should also be a wake-up call to anyone thinking of listing their home for sale — if you want to attract buyers who want to take advantage of these credits, you need to get your home listed now.
What are the two credits? One is for first time home buyers. The credit is for up to $8,000; the contract must be signed on or before April 30, 2010 and the deal must close within 60 days of the April 30th date. You are considered a first time buyer if you have never owned a home before or have not owned a principal residence in the last three years. There are limits based on income — $225,000 for couples, $125,000 for individuals. The home cannot cost more than $800,000 and it must be purchased as a primary residence.
The second credit is for existing home owners. The credit is for up to $6,500; you have to have lived in your current home consecutively five of the last eight years. The income limits and price limits are the same. You do need to occupy the new home as your primary residence but you do not have to sell your existing home.
On both of these credits there are more criteria and restrictions and you should consult a tax attorney to get the specifics for your situation; what I've provided here is the basic information to get you started.
After the whirlwind tour of New York it's good to be home and I'm enjoying the beautiful sunshine and 70 degree weather — I hope you are also. The farrier is due at my house tomorrow and I think it's time to take a ride on poor Jac, my gelding who constantly looks at me and wonders why we haven't gone out much the past few months.
If you have any questions about the credits or about listing your property for sale, give me a call or send me an email — you can find my info on my website or in my ad in the AVA.