On November 5, 2009 the extended Homebuyer Tax Credit was
signed into effect. This tax credit will enable tax filers an opportunity to
claim up to $6500 in tax credits.
If you have...
... owned a home for 5 or more years
... lived in your home for 5 consecutive years of the past 8 years
...earn up to $125,000 as a single filer or $225,000 married filing jointly
... sign a firm contract by April 30, 2010 and close on the home by June 30, 2010.
The tax credit is a reduction in tax liability to the Internal Revenue Service. If the taxpayer has no liablilty, the IRS will issue a refund check for the amount of the tax credit an individual is owed. This credit does not require repayment. Repayment of the tax credit would only be reqired if at any time during the first 36 months of ownership the home is not used as primary residence.
Find out more information here, or talk with your tax professional
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