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3 Months Left for Seller Tax Credit

Posted on January 31, 2010 by tim in Selling, Tax Credit

There’s happy news for current homeowners: If you intend to sell your home and buy another in 2009 or 2010, you may be eligible for a federal tax credit of up to $6,500. This is all a part of the Extended Home buyer Tax Credit legislation, passed in November 2009.

But don’t wait too long! To claim the benefit: You will need a binding contract on your principal residence between Nov. 7, 2009, and April 30, 2010. You can close as late as June 30, 2010, as long as you have a binding contract by April 30.

Are you eligible? You’re considered a current homeowner under IRS rules if you’ve used the home being sold or vacated as a principal residence for five consecutive years within the last eight. You’re a first-time home buyer if you or your spouse haven’t owned a home for the three years before your purchase.

Keep in mind that the credit amount you’re eligible for begins to decrease for joint filers if your modified adjusted gross income is $225,000 ($125,000 for individuals); it disappears at $245,000 ($145,000 for individuals).

Questions? Contact Team Annett at 513-527-3060 or teamannett@gmail.com .


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