It's tax time!  Whoopee!  This year there are a few tax credits that I wanted to make sure you knew about.

Move-Up/Repeat Home Buyer Tax Credit

  • Buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
  • The tax credit is equal to 10% of the home's purchase price up to $6,500.
  • Does not have to be repaid unless the home is sold or ceases to be used as the buyer's principal residence within three years of the initial purchase.
  • The tax credit applies to sales under contract by April 30, 2010 and closed by June 30, 2010.

First-Time Home Buyer Tax Credit

  • The IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
  • The tax credit is equal to 10% of the home's purchase price up to ?.
  • The tax credit does not have to be repaid.
  • the tax credit applies to sales under contract by April 30, 2010 and closed by June 30, 2010.

So, if you want to buy or move up - Get Cracking!  Time is short for this giveaway money.  Smile