Friday, February 26, 2010
The Clock's Ticking on Homebuyer Tax Credits
The countdown is on for qualified first-time and repeat homebuyers to take advantage of tax credits.
The window of opportunity is closing for those buying a principal residence under the Worker, Homeownership and business Assistance Act of 2009
First-Time homebuyers - those who haven't owned a principal reidence during the three-year period before the purchase - who sign a purchase-and-sale agreement by April 30 are eligible for up to $8,000 in tax credits.
You have to close on that agreement by June 30.
And new this year, some repeat homebuyers who meet the same April and June deadlines might be eligible for up to $6,500 in tax credits. These buyers must have owned and lived in their previous home for five consecutive years in the last eight.
This is great for some people, who might be wishing to buy up
Both tax credits carry income caps
Time is running out!