MORE GOOD NEWS....
Thinking about buying your next home?
You
might not realize it, but the Home Buyer Tax Credit is no longer just for 1st time home
buyers.
You may also qualify for this credit if you have owned another home and have occupied it as your principal residence for at least five consecutive years out of the last eight. If you sold your primary residence three years ago and have been renting ever since, you still qualify for this credit. You don’t even need to occupy the home- you can rent it out.
The only stipulation is that the new home can cost no more than $800,000.
The credit is 10% of the purchase price up to a maximum of $8,000 for those that have not owned a home during the past three years and $6,500 for those who have. This amount is for joint filers. Single filers will receive half the amount. You must close escrow before April 30, 2010. This can be extended if you are in contract by April 30th. The new home must be your principal residence for three years - or credit becomes repayable.
While they believe this information to be correct, Mary Robbins and HouseYaYa.com make no warranties, expressed or implied, as to the accuracy of this information. All users of this information are encouraged to conduct their own independent investigations and rely solely on those results. Please consult a tax attorney prior to acting on any of this information.
Mary Robbins
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