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There's 100 Days Left To Claim The Homebuyer Tax Credit
<!-- This material is non-exclusively licensed to Larry Penilla and may not be copied, reproduced, or sold in any form whatsoever.--> November 6, 2009, Congress voted to extend and expand the First-Time Home Buyer Tax Credit program. There's 100 days left to claim it.
The expiration date of the up-to-$8,000 tax credit has been pushed forward to spring, requiring homebuyers in Crown Point to be under contract for a home no later than April 30, 2010, and to be closed no later than June 30, 2010.
In addition, "move-up" buyers were also added to the program's eligibility list meaning you don't have to be a first-time home buyer to be eligible for the tax credit. If you've lived in your home for 5 of the last 8 years, you meet the IRS requirements.
Move-up buyers are capped at a total tax credit of $6,500.
The tax credit's basic eligibility requirements remain the same:
You can't purchase the home from a parent, spouse, or child You can't purchase the home from an entity in which they're a majority owner You can't acquire the home by gift or inheritance All parties to the purchase must meet eligibility requirements The new law includes some notable updates, however.
First, the ... more
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