Well, it's here and I am so happy the government decided to help existing home owners get a little help with their next home purchase. On November 6th the Senate passed an extension on the Tax Credit bill for first time home buyers. Within that bill the government also included a Tax Credit for existing home owners. Here are some of the specific details for the $6500.00 Tax Credit.
1. The law defines a tax credit qualified move-up home buyer ("long-time resident") as a home owner who has owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date. The buyer doesn't have to purchase a more expensive home than his current residence.
2. The credit is good for properties under $800,000 and is equal to 10% home value maxed up to $6500.00.
3. The credit is for individuals making $125,000 and married couples limited at $225,000. There are other tax rules, so please speak with your tax expert for specific details.
4. What type of home is considered for the tax credit? Single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. However you cannot purchase from any relatives including spouse, children, parents, grandparents, etc...
5. What is the time frame that the credit is good for? The date of first occupancy must be after November 6, 2009 and on or before April 30, 2010 (or by June 30, 2010, provided a binding sales contract was in force by April 30, 2010).
For additional information please go to this website for additional information. http://www.federalhousingtaxcredit.com/home.html
If you are planning on taking advantage of this Tax Credit please contact us today. If you are looking to sell your home first, VIP Realty DFW offers a Flat Rate Fee service for qualified sellers. VIP Realty DFW helps buyers and sellers in the Greater Dallas Real Estate market. Based in the Frisco Real Estate area, we have assisted both buyers and sellers with their Commercial or Residential Real Estate transactions.
Matt S. Anderson
VIP Realty DFW| Real Estate Consultants
The Premier Firm in Real Estate
www.viprealtydfw.com
469.644.3402 | F 469.675.6373
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