Tax Incentives for First Time and Move-Up Buyers


Spring is just around the corner and the number of homes being listed is increasing.

What does this mean for buyers?  Great choices!!!!

Pair lots of choices with a tax rebate and low interest rates and it’s a great time to buy. Say, did I hear that slogan already?  Someone is listening and acting. First-time home buyers reached the highest market share on record during the past year, according to the latest consumer survey of home buyers and sellers from NAR

The highly successful first time buyer tax incentive continues through April. To take advantage of the incentive contracts must be completed by April 30th. The credit can be claimed only on contracts that close by June 30, 2010.

First Time Buyers

To be eligible a buyer must be a first time buyer or not owned a home for the past three years.

Current Home Owners

Current homeowners who are selling a home they’ve occupied for five consecutive years out of the last eight can receive a credit of up to $6,500 for homes purchased between Nov. 7, 2009 and April 30, 2010.

How Does the Credit Work

It’s also easy to claim the credit by simply subtracting the amount of the credit from your federal income tax liability.

  • Homes worth $800,000 or less are eligible
  • The home must be the buyer’s primary residence. It does not apply to second homes or investment properties
  • Single taxpayers with an adjusted gross income under $125,000 and joint filers with an income of up to $225,000 are eligible for the full credit. Individuals with an income of up to $145,000 or couples with an income of up to $245,000 can receive partial credit.
  • Members of the military serving outside the United States for more than 90 days will have until June 30, 2011, to qualify for the incentive.

Links for additional information.

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About trianglegreenhomes

EcoBroker, Realtor, Environmentalist and tireless advocate for green housing. Helping clients find a high performance home or make their current home more energy efficient, environmentally friendly and improve the indoor air quality.
This entry was posted in first time buyer, move up buyer, tax incentive, Uncategorized and tagged , , , , . Bookmark the permalink.

One Response to Tax Incentives for First Time and Move-Up Buyers

  1. Thank you for this blog, keep up the informative posting. I will be sure to reference it when needed throughout our website once we add our resources section. Keep up the great blogging and thanks again.

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