New Move-Up Buyer Tax Credit
Qualified move-up buyers may now take a $6,500 credit (($3,250 if married filling separately) for buying up to an $800,000 home by April 30, 2010, with closing/ settlement by June 30, 2010. They must have lived in their home for five consecutive years of the previous eight. A full credit is available to married-joint files that have Modified Adjusted Gross Income up to $225,000, with a reduced credit available up to $245,000. The income limit for single /married filing separately is $125,000, phased out up to $145,000. Other rules apply.
Remember, first-time buyers may still qualify for an $8000 tax credit($4000 if married filing separately) if they purchase by April 30, 2010.
Call or email if any questions.
Tatyana Baytler
443-527-4375
