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2010 Homebuyer Tax Credit
Note: This is intended to provide an overview only
- for specific information or individual concerns, please contact your lawyer, accountant and/or financial advisor.
The federal income tax credit for homebuyers has been extended and expanded to now include homeowners who wish to "move on" after 5 years of living in their current property, as well as first-time homebuyers.
- First-time
homebuyers, or those who have not owned in the last three years, can receive up to an $8,000 tax credit
- Homeowners
who have lived in a current home consecutively for 5 of the past 8 years can receive up to a $6,500 tax credit
- There
may be no future extensions, so all qualified homebuyers are urged to act and have a written, binding contract by April 30,
2010 (close by June 30, 2010)
- Income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both.
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Dorothy Armstrong, GRI |
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