First Time Home Buyer Tax Credit Extension – 2010 Extension of Move Up And First Time Buyer Housing Credit Possible?
Posted on | April 19, 2010 | Comments Off
The first time home buyer tax credit extension is something that has been very popular in the housing market for quite some time. A 2010 extension of the move up and first time home buyer tax credit could greatly help the housing market in many areas of the country.
In November of 2009 the first time home buyer tax credit was extended and expanded by the Obama administration. The extension allows first time home buyers to receive an $8000 tax credit until April 30, 2010. It also added a $6500 tax credit for move up home buyers.
If you have lived in your primary residence for five years then you could qualify for the $6500 tax credit. All the information that is needed for the first-time home buyer tax credit or the move-up homebuyer tax credit is available on the IRS website at IRS.gov.
With a first-time home buyer tax credit extension unlikely at the present time it would be wise to take action sooner rather than later. If you continue to wait there’s a possibility that there could be a delay in your closing and you could miss out on the $8000 or $6500 tax credit is available.
Author: Alan Lake