Note: This is a guest post by Robert Sommers. Robert is a freelance mortgage and real estate writer and an amateur investor based out Baltimore. He has worked for over 25 years as a licensed real estate agent in all areas of commercial and residential real estate.
For all you hopeful homeowners out there, a reminder that the home buyer tax credit has recently been extended by Congress. The popular program is now being offered to all eligible home sales occurring between January 1, 2009 and April 30, 2010. Its basically offering the same thing as the last version- a $8,000 refundable tax credit available to qualified first-time home buyers. In addition, the extension includes a new provision that offers a $6,500 credit to move-up homeowners.
To qualify for either credit, individual taxpayers cannot make in excess of $125,000 and joint filers cannot make more than $225,000. Other qualifications are that you cannot have owned a home as a primary residence within the last three years. You are also required to stay in the home that you are applying the credit towards for three years. Receiving the credit is really straightforward- simply claim the amount on your upcoming tax return or file an amended return for last year. No other forms or paperwork are necessary.
So if you have been waiting to take advantage of the ridiculously low housing prices and mortgage rates currently available, now is definitely a good time. For more information on the eligibility requirements look HERE.