Candace Carlson
Windermere Real Estate/ S.C.A., Inc
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64 Days and Counting!
Posted on February 25, 2010
There are only 64 Days left to take advantage of the Homebuyer Tax Credit.
Some of the most commonly asked questions are:
"Do I have to sell my current home in order to take advantage of the move up buyers tax credit?" The answer is no!! As long as you have lived in your current home for more than five consecutive years, you will qualify.
"Do I have to sell my current home in order to take advantage of the move up buyers tax credit?" The answer is no!! As long as you have lived in your current home for more than five consecutive years, you will qualify.
"Is there a cap on the cost of a new purchased home?" The answer is yes! There is an $800,000 cap, any amount above $800,000 makes it ineligible for any portion of the credit.
"In the existing homeowners credit, must the new house cost more than the new house?" The answer is no, thus for example individuals who move from a high cost area to a lower cost area and whom meet all eligibility requirements will qualify.
