Buying a Home Now Could Mean a $6,500 Tax Credit!

So you say you're not a first time home buyer and aren't eligible for any tax credits? Did you know there are in fact tax credits currently available for individuals living in their current home for at least 5 of the last 8 years? That's right if you are a current homeowner... you could be eligible fo a $6,500 tax credit! That's a whole lotta dough, especially in this economic climate.

There is a bit of urgency in this though... the deadline to take advantage of this tax credit is rapidly approaching... it requires you have a written binding contract by the end of April and that you close by June 30th. If you're looking to move, try to have that contract signed within the next few weeks so you can qualify! Then, be sure you can close on that house before the June 30th deadline. Isn't this motivating? lol

There are certain restrictions based on income for this real estate tax benefit, but so long as you earn no more than $125 k as an individual or $225k as a married couple you'll likely qualify. Take a few minutes to learn more about this, then sit down and do the math. Decide if perhaps this is the month you'll find that new house to build your nest in!

If you're not a current home owner, there is still incentive for you too! Just in case you didn't know... if you're a first time home buyer or haven't lived in a home for 3 years or more, you may qualify for as much as $8,000 in tax credit. That's just like being given free money!

Maybe you need a larger home to provide your dream classroom for those homeschooled kids of yours? If so, this is a great time to start looking!