LindaAllison Gray

Move Up Buyers Tax Credit

Move Up Buyers are now included in the newest Tax Credit legislation.
Tax Credit is Not just for 1^st time buyers anymore. Existing Homeowners who plan to

Move UP/Move Over/ Move Down
This new $6,500 tax credit is for YOU !

YES, the new expanded tax credit legislation now says,
 “ long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500” ($3,250 for a married individual filing separately)

·         IF -  you purchase (enter into contract) your replacement home between Nov 7, 2009 and April 30, 2010 and close by June 30, 2010
and

·         IF –you have lived in the same principal residence for 5 consecutive years during the  previous 8 years
and

·          IF- Price of new home is under $800,000
and

·          IF- your income is under $125,000 for individuals or 225,000 for couples

As the buyer you DO NOT repay the tax credit, if you occupy the home for 3 years or more. However, if the property is sold during this three-year period, the full amount will be recouped upon sale.

So, do you qualify?*  I thought you might! 
Now let’s go home shopping. Call me to begin your new home search. 440-477-1841

Here is the government website that describes the extended and expanded tax credit. http://www.irs.gov/newsroom/article/0,,id=204671,00.html   It now also includes homeowners who have been in their home for at least 5 years and who want to buy a new residence.