Valuable information about the tax credit for home buyers and home sellers
First-time home buyers and current homeowners looking to take advantage of the home buyer tax credit have only two months left to get under contract on their home purchase. Eligible buyers must enter into a contract by April 30, 2010, and close the transaction no later than June 30, 2010.
Here are some lesser-known facts about the tax credit to keep in mind:
- The tax credit can be claimed for detached houses, condominiums, townhomes, co-ops or a mobile home, manufactured house or travel trailer that is affixed to land. A mobile home or travel trailer that's on the road doesn't qualify.
- The seller of the home cannot be a close relative of the homebuyer, such as a grandparent, parent, spouse, child or grandchild.
- An unmarried homebuyer or at least one spouse of a married couple must be at least 18 years old to qualify for the tax credit.
For more information about the First-time home buyer tax credit go to http://www.irs.gov/newsroom/article/0,,id=204671,00.html