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Congress Passes NEW $6,500 Home Sellers Tax Credit
A new $6,500 tax credit is available to home sellers immediately. Available throughout the United States, it is especially valuable in Colorado where Denver real estate values have remained stable throughout the recession.
By: Kathie Shandro
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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