Monday, November 23, 2009

You may qualify for the Homebuyer's Tax Credit

The newly revised First Time Homebuyer’s credit expanded the credit to include buyers who are replacing their primary residence.

Did you know you may qualify for the credit even if you are DOWNsizing?

Did you know that if the cost of the new home exceeds $800,000 you do NOT qualify for the credit?

So...if you are buying or considering buying a house that will be your principal residence, I suggest you talk "story" with your accountant/CPA.

The following chart summarizes the original and revised regulations to help you determine if you qualify for the Homebuyer's Tax Credit.

Government Affairs Tax Credit Ext Chart 110409