Clifton Park NY Real Estate News
Home Buyer Tax Credits
Most everyone is aware of the $8,000 First Time Home Buyer Tax Credit, but few know about the enhanced $6,500 Tax Credit for Repeat Buyers. Listed below are the basic rules for this refundable tax credit:
- Maximum Credit is $6,500.
- Maximum Purchase Price $800,000
- Income Limitation: $125,000 single, $225,000 married
- Home being sold must have been primary residence for 5 consecutive years during the previous 8 years.
- Home being purchased must be under contract by no later than April 30th, 2010 and close by no later than July 1, 2010.
If you are thinking about buying a neew home, now is the time to start your search so you can take advantage of this $6,500 tax credit.
If you have any questions, please let me know.
Thank you,
Lewis
This is a succinct summary of the tax credit for move-up buyers. I hope your clients are able to take advantage of it, Lewis.
Great summary Lewis! 2010 is going to be a great year!