Moving up San Antonio? How can YOU get your tax credit for purchasing a new home?
During the first round of the government's homebuyer tax-credit program only new homebuyer's could walk away with $8,000. Now many current homeowners can put cash in their pockets as well.
I've been taking a poll, it's been very unofficial. Basically, after I talked to about 7 folks who didn't know what I was talking about when I mentioned the "Move up" or "Repeat home buyer" "Long time homeowner" tax credit and WEREN'T in Real Estate I realized it was my duty to help try & spread the word.
So, here goes my attempt at explaning how you might be eligible for up to $6500 if you decide to sell your home in the next couple of months & buy a new one.....
Does it have to be my 1st home ever?
No, the home doesn't have to be your first home purchase. However, to get the credit homeowners must have owned and used the home as a primary residence for at least five years with an eight year time time period. The eight year period starts from the closing date, going back eight years. Easy enough, right?
When does this credit end?
You must purchase a new home before getting the credit, you have to be under contract by April 30th and be set to close by June 30th, 2010. This means that long-time homeowners must sell there current home and close on a new one in this time frame.
Is there a limit on the amount of home I can purchase?
Yes, the sales price of the home must not exceed $800,000.
Are there any income limits to who can get the credit?
Of course there is. Single folks can't make an adjusted gross of over $125K, & joint filers are under $225K. If you have a singe income of up to $145K & joint up to $245K you might be eligible for partial benefits.
Ok, Ok, so I did all of this & meet the requirements...where's the form I file to get MY $!?
Kristin Moran
Specializing in San Antonio & surrounding cities
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RE/MAX Access - Realtor®/Owner
KristinMoran@Remax.net 210.313.7397 www.SistersThatSell.com
Buy a home from me, use the truck to move for free!
