Buy A Second Home—Qualify For $6,500 Credit!

It’s not just first-time buyers who are benefiting from the federal government’s home buyer tax credit. Now current home owners who purchase a second home can also reap the tax rewards.

But the clock is ticking. This new home buyer tax credit of up to $6,500 expires April of this year. This means you must contract and close on your new home purchase by June 30, 2010. Key factors for qualifying for this tax credit are as follows:

* A qualified current homeowner who purchases a different home (a move-up buyer) must have owned and lived in the same residence for 5 consecutive years out of the last eight.

* Single taxpayers can have incomes up to $125,000; married couples can have a joint income of up to $225,000 to qualify for the full tax credit.

* The maximum credit amount for a current homeowner is $6500. The home that is purchased must cost under $800,000.

* The credit may be used to purchase a home of lesser value than the current residence. In other words, it is not necessary to purchase a more expensive (move-up) home.

* “Move-up” buyers are not required to sell their current residences to qualify. However, they must reside in the new home for at least 3 years, and can keep their previous home either vacant or rented.

These are just a few of the key elements of the new “move-up” buyer tax credit. If you would like to know more or learn if you are eligible for this exceptional opportunity, please email us at info@dickandkarla.com or call us at 813-294-5786.

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