Tax Credits: Not just for the freshmen anymore!

You've heard about the $8,000 tax credit for first time homebuyers, or FTHBs (for those of you who hadn't heard- there's an $8,000 tax credit for first time home buyers. Now you're caught up!), and maybe you grumbled, 'What about me?? I've been the principal resident and owner of my home for 5 consecutive years during the past 8 years and I think that should entitle to me SOME tax credits if I want to buy a new home, even $6,500 would suffice!"

Well, it's interesting that you would grumble those exact words. Very strange in fact, because an amendment to the bill extending the FTHB credit would expand it to allow longtime residents of the same principal residence to claim a tax credit of up to $6,500. Homebuyers must have owned and used their residence for any five-consecutive-year period during the past eight years to claim the exception. Thinking of upgrading or relocating? If you match these qualifications and are looking to buy, you could score an invitation to the somewhat exclusive and super exciting Tax Credit Party! (Not to be confused with Tea Parties, which are semi-exclusive but don't seem very fun.)

Furthermore, Inman news explains that "the amendment would also expand income limits from $75,000 to $125,000 for individuals and from $125,000 to $250,000 for couples, but the credit could not be claimed on purchases of homes exceeding $800,000. The amendment would also set a minimum age requirement of 18 to claim the credit." Tax credits for everyone!!

If you think you might qualify and want to take advantage of this opportunity, give me a call and we can work out the details of listing your property and shopping for a new home!