Profile picture for jknixon

Home buyers tax credit available for home upgrades,not just 1st time buyers, but expires April, 2010

  • Question refers to 1922 Circlewood Dr, Racine, WI 53402
  • January 01 2010
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Answers (1)

Profile picture for jeremyrynders
Basically Yes! - the $8,000 tax credit is for 1st time buyers but there is also a $6,500 tax credit available for someone like yourself who is looking to sell their current home and purchase another one. The main stipulation is that you have lived in your current home as a principle residence for 5 of the last 8 years. Income limits are adjusted gross income of no more than $125,000 for individuals and $225,000 for joint filers and is limited to purchasing a home for $800,000 or less.

The details on the deadline are that you have to have a signed contract by April 30, 2010 but you don't need to close on the property until July 1, 2010.

Please let me know if you have any other questions?

Link to more info from Realtor.org
  • January 03 2010
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