Home Buyers: Cash in on the Tax Credit
Posted by The Atlantic Real Estate Team on Monday, April 5th, 2010 at 11:37am.If you want to take advantage of either the Move-Up/Repeat tax credit or the First Time Home Buyer tax credit, now is the time. Here is information on who qualifies and what to do to get your benefit:
- If you have owned a home for five consecutive years within the past eight, you can get a credit of up to $6,500. First-time home buyers are eligible for up to $8,000.
- You must have a binding written contract in place by April 30, 2010 with a closing date no later than June 30, 2010. You can then decide to exercise one of three options: apply the credit to your 2009 tax return filed on or before April 15, 2010, file an amended 2009 return, or apply the credit on your 2010 return filed on or before April 15, 2011. Just make sure to keep your closing records on file as you will need to attach a copy of the HUD-1 Settlement/Closing Statement to your return.
If you have questions or if you are ready to get out there and shop, contact us today!
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