With the success of the new home buyers’ tax credit, Congress extended this opportunity for another five months. The good news doesn’t stop there. They have opened up a new tax credit for CURRENT home owners who want to take advantage of the great deals out there to help them buy the home of their dreams.
For both current home owners and new home buyers, the home (or condo, townhouse, etc.) purchased needs to be for the home owner to live in and stay there for at least 3 years (a primary or principle residence is a home the owner lives in more than 50% of the year). If the home owner sells the property before 3 years, they must repay the tax credit to the IRS.
In a nutshell, here’s what the tax credit could gain home buyers…
Current home owners may receive up to $6,500 tax credit to purchase a new or existing home between November 7, 2009 and April 30, 2010.
First-Time Home Buyer Tax Credit of up to $8,000 has been extended until April 30, 2010. A First-Time Home Buyer, is someone who has NOT OWNED the home where they have lived—as a principle residence—in the past 3 years (based on the home’s purchase date). People who meet this criteria qualify for the 2009-2010 Federal Tax Credit as a “First Time Home Buyer".
For those who are a first-time homebuyers or current homeowners who want to take advantage of this great opportunity, please call toll-free at 877-MSIPERA (877-674-7372)
* All information provided is deemed reliable but is not guaranteed and should be independently verified, please call your local CPA or the Internal Revenue Service at 800-829-1040 for more information.
