Though the first-time home buyer tax credit has received the lion’s share of attention in the media, there is another tax credit that applies to millions of current home owners.
Qualified homeowners who have lived in their current home for at least five of the past eight years are eligible for a $6,500 tax credit to buy a home.
· Tax credit does not require repayment.
· Credit is available to couples with gross income of less than $225,000 and individuals making less than $125,000.
· Credit is limited to homes priced $800,000 or less.
· The home must be purchased as the primary residence.
· Buyers must secure a binding contract by April 30, allowing 60 days to close.
It is estimated that approximately 70 percent of home buyers qualify for some kind of tax credit when they purchase a home. If you’d like to find out whether you are one of them, please contact me.
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