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To be clear, this is an actual tax credit, not a deduction. This is money in your pocket, not a reduction of your adjusted gross income (AGI).

Do you qualify?

A

re you a prospective buyer? Have you owned and resided in your current home for 5 consecutive of the last 8 years? If your answer is, "YES," you may qualify!

Let's take a closer lookTthe following bullet points summarize a few more stipulations:
  • The purchased property MUST replace your primary residence, but you do not have to sell your current primary residence
  • The value of the home you purchase can not exceed $800,000
  • To realize this full credit, your AGI can not exceed $125,000 if you file singly, or $225,000 if you are married filing jointly.  To realize a partial credit, your AGI can not exceed $145,000 (single), or $245,000 (married)
  • This applies to new construction, existing single-family, condos, manufactured or mobile homes, and even boats that function as your principal residence
  • A binding sales contract must be in-place by April 30, 2010 and close on or before June 30, 2010
  • For more, you can visit an FAQ website by clicking here
    •

    As you can see, it is truly an amazing time to UPGRADE! Record low interest rates, property values at or very near the bottom, and now an extra $6,500 cash to claim on your tax return! Doesn't it just all make sense?

 

Now let us, help youUse any of the convenient contact methods on this site to reach us for more information, click here, or send us a text message on the right-hand side of the page, and we will phone you back shortly.  As always, we encourage you to seek legal and/or financial advice from professionals in these areas of practice, as we can not and do not provide tax and/or legal advice. 

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