Jan 20, 2010

Tip 45-2009: New and Expanded Homebuyer Tax Credit

On Nov 6, 2009, the First Time Home Buyer Tax Credit was extended and even expanded. The First Time Home Buyer now has until April 30, 2010 to find that perfect house. Also as long as the contract has been ratified by April 30, 2010, you have until June 30, 2010 to close.

In addition, the Tax Credit (up to $6,500) is available for a current homeowner to move to a new primary residence. (The current homeowner is required to own his current primary residence for five consecutive years during the prior eight year period.) The current homeowner does not appear to have to sell his current house to qualify for this tax credit. Also, there does not appear to be any requirement that the current homeowner has to buy “up”, so he could downsize. Either way, these Tax Credit Extensions should make the winter and spring a little brighter!

Please contact me if you have any questions.

William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia

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