It is now official! The tax credit has been extended through June 30, 2010. Take a look below for the details:
1.) Home buyers who have lived in their home for five consecutive years over the past eight years qualify for a $6,500 tax credit when making a home purchase.
2.) The qualifying income limits are now increased from $75,000 (single filers) and $150,000 (joint filers) to $125,000 and $225,000.
3.) The purchase price of the home cannot exceed $800,000.
4.) Buyers wanting to benefit from the tax credit have to go under contract for a home by April 30, 2010 and have until June 30, 2010 to close. For those serving in the military on extended duty, the dates are extended an additional year to April 30, 2011 and June 30, 2011.
5.) First time home buyers must live in the home as their principal residence for at least three years to benefit from the tax credit. First time home buyers who are serving actively in the military and are required to relocate are exempt from this requirement.
*Please contact your CPA for details about the tax credit and how it pertains to your personal situation.
Colorado Springs Real Estate Agent, Patricia Beck, providing real estate services to home buyers and sellers.