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
Serving Clifton Park NY and the entire Albany NY Capital Region
Lewis Beynon, REALTOR
Prime Property Solutions, LLC
(518)281-3951 LewisB@nycap.rr.com
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!