The IRS finally released details regarding the New Homebuyer Credit as it applies to existing homeowners who are purchasing a new/different primary residence. We already knew if you were a first time homebuyer you could qualify for a tax credit up to $8,000. What was far less publicized was the credit for existing homeowners. If you own and have lived in your Huntington Beach home for 5 of the last 8 consecutive years, and are purchasing a different home to serve as your primary residence, you may qualify for a tax credit up to $6,500. So, if you are thinking of selling your home in Huntington Beach or Orange County, either downsizing or moving up, this may be the time. The tax credit only applies if you are in escrow by April 30, 2010, and you must close escrow by June 30, 2010. For more details, visit http://www.irs.gov/newsroom/article/0,,id=204671,00.html .
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- Topic: Home Selling
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