Home builders are ramping up speculative construction to attract last-minute home buyers who want to tap a soon-to-expire tax credit.It’s not just new construction that’s available for buyers. There are lots of choices in already-loved homes. There is still time for buyers to take advantage of the tax credit. There has been a lot of attention on first-time buyers getting the tax credit, but many long-time residents may also qualify.
Originally the credit offered by The Worker, Homeownership, and Business Assistance Act of 2009 was only available to first-time buyers and was set to expire on November 30, 2009. The deadline was extended to April 30, 2010 and the home buyer has until June 30, 2010 to complete the purchase. First-time buyers can get a credit of up to $8,000 and long-time residents can get up to $6,500. To qualify as a long-time resident, the home buyer must have owned and lived in the current home for at least 5 consecutive years of the 8 years that end on the purchase date of the new home. The new home must be the primary residence.
For complete details on the tax credit, contact a tax professional, call or visit the IRS.
Time is running short, but home buyers may still have time to take advantage of the tax credit.
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