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February, 2010:
Tax Credits: Not Just For First Time Buyers Anymore!
So we're all familiar with the "First Time Buyer" Tax credit being offered for....well...first time buyers...
But what if you're not a first time buyer? What if you're looking to accommodate the needs of your growing family, or looking to upgrade the fixer upper you bought fresh out of college?There is something out there for you too! The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers that purchase by April 30th 2010.
To qualify you need to have owned & occupied the same home for at least five consecutive years of the eight years prior to the purchase date.
The amount of the credit is equal to 10% of the purchase price (up to $6500). Homes over $800,000 do not qualify for the credit.
You can claim the credit on your tax return by simply filling out IRS Form 5405. No other applications or pre-approval necessary! Home buyers should be sure to read the instructions for the revised IRS Form 5405 to be sure they meet the new program requirements.
In addition, HUD will allow buyers using FHA-insured mortgages to apply their anticipated tax credit toward their home purchase immediately rather than waiting until they file their 2009 or 2010 income taxes to receive a refund. These funds may be used for certain down payment and closing cost expenses.
Call 877-370-HOME for a complete list of new home communities offered by Seeno & Discovery Homes.
*The preceding represents basic information on the move up buyer tax credit program. We strongly encourage you to consult a qualified tax professional to determine your eligibility for such programs.
