There are 5 DAYS left and counting for the expiration of the Homebuyers Federal Tax Credit which ends on April 30th 2010 for RI and others. So get on those ruby slippers! Here is your opportunity to buy your first home, downsize or upsize a home and receive a nice tax credit to boot. If you are in the military there is an extension which will give you an additional year until April 30th 2011.
It's not being extended this time! So get yourself in gear, hit the pavement running and if you don't have the ruby slippers you need to reach out to me because I do have the Ruby red sparkly shoes to get you in motion. No kidding!
Remember for qualifying home purchases in 2010, taxpayers can claim the tax credit on either their 2009 or 2010 federal tax return. So you must enter into a binding contract to purchase a home by April 30th 2010 and close prior to July 1st, 2010. Also, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). The requirement is that you must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased. Need to know these restrictions, income limits and house price limits. Or talk with a knowledgeable realtor.
The exception is members of the military and some specialized federal employees have an extra year to buy their principal residence in the U.S.. It applies to any individual (and, if married, the individual's spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010. So who do you know in the military who did not know about this extension of time for them??
It's 5 days left and counting for the expiration of the homebuyer's Federal Tax Credit which ends on April 30th 2010 in RI and other states...you need those Ruby Slippers right now! There is no place like home. I'm going to have to re-sole these shoes shortly... The Ginny of Oz