Tax Credit Redux
Did you hear that Congress Extended and Expanded the Home Ownership Tax Credit recently?
- The First-Time Home Buyer Tax Credit has been extended until July 1, 2010.
- There is now a $6,500 tax credit available for qualified move-up or repeat home buyers that purchase a new or existing home before July 1, 2010.
Our past blog entries have included lots of information regarding how the tax credit applies to first-time buyers. Click here for an overview.
This post, however, will discuss how the expansion provides a great opportunity for those of you that currently own a home and are considering upgrading or downsizing.
Who is eligible to claim the $6,500 tax credit?
- Qualified move-up or repeat home buyers purchasing any kind of home are eligible to claim this credit.
What is the definition of a move-up or repeat home buyer?
- The law defines a tax credit qualified move-up home buyer (“long-time resident”) as a home owner who has owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date.
How is the amount of the tax credit determined?
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500. Purchases of homes priced above $800,000 are not eligible for the tax credit.
For more information regarding the tax credit, just contact us.
info@realestatevt.com
Dan Cypress & Jessica Bridge, Realtors
Element Real Estate
RE/MAX North Professionals
875 Roosevelt Highway
Colchester, VT 05446
cell.802.598.6219
office.802.861.3262
fax.802.655.0500
January 12th, 2010 at 6:51 pm
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