tax credit for Denver real estate buyers and sellers
Congress overwhelmingly passed an extension of the First Time Homebuyer’s Tax Credit on November 4, 2009. The new law expanded the existing program to include home sellers that purchase a replacement property by April 30, 2010.
In order to take advantage of the $6,500 tax credit, home sellers must meet a few specific criteria.
1. Sellers must have owned their current home at least five years and must have lived in that home at least five of the past eight years.
2. Income limits are $150,000 for individuals and $225,000 for couples.
3. The replacement property may be more expensive or less expensive than the home that is sold.
4. Sellers must be under contract to purchase the replacement property by April 30, 2010 with a real estate closing by June 30, 2010.
5. The purchase price is capped at $800,000.
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