18
Nov
Move Up Home Buyers Tax Credit
Bob Schwartz San Diego Realtor
The New $6,500 federal tax credit for so-called “move up” home buyers is available now.
This means that if you fit the key criteria – you’ve owned and resided in your current home for a consecutive five out of the past eight years, and your adjusted household income doesn’t exceed $125,000 if you file taxes singly, $225,000 if you are married filing jointly – you can claim the credit as soon as you close on a qualifying house.
There is no “move up” requirement in the new credit. In fact, homeowners who plan to down size into a smaller dwelling may prove to be significant users of the credit. Read more 