This tax credit only applies to properties that are in contract by April 30, 2010, so if you're thinking about buying a home, it's important to act quickly.1
A few key points about this NEW tax credit:
Extends the $8,000 credit for first-time home buyers.
Includes new $6,500 credit for owners of existing homes who have lived in their principal residence for five consecutive years out of the last eight.
Increased income limits of $125,000 for single filers, and $225,000 for joint.
Qualified home purchases must be in contract April 30, 2010 and closed by June 30, 2010.
Available on homes priced up to $800,000.
Combined with ZipRealty's rebate2 and historically low interest rates, you could be looking at some serious savings on your home purchase if you buy before April, 2010.
Everybody's tax situation is different and we strongly encourage you to speak with your personal tax or financial professional to decide if this program is right for you.
1This communication is neither tax nor legal advice, and is solely intended as a brief summary of some provisions the Unemployment Compensation Extension Act of 2009. Because this new legislation contains various restrictions and limitations, you should consult with your attorney, tax, and/ or accounting advisor(s) for specific advice and counsel on how the new law may apply to you. ZipRealty, of course, is here to help with all of your real estate service needs. Details and important limitations on ZipRealty's rebate are available at www.ziprealty.com.
