Des Plaines and Palatine Condos

Home Buyer Tax Credits

First-Time Home Buyer Tax Credit

In its efforts to stimulate the economy and revive the housing market, Congress has extended legislation providing an enhanced tax credit of up to $8,000 for first-time home buyers*.  This credit is much different than the 2008 tax credit as this credit does not need to be repaid.

But time is of the essence for buyers who want to take advantage of this opportunity. Only homes with a sale occurring before April 30, 2010 with the home purchase completed by June 30, 2010 are eligible.

Use the link below to find out more about the tax credit.

www.federalhousingtaxcredit.com
     
      
     
Move-up / Repeat Home Buyer Tax Credit
        
In its efforts to stimulate the economy and revive the housing market, Congress has extended legislation providing an enhanced tax credit of up to $6,500 for move-up / repeat home buyers**.  This credit is much different than the 2008 tax credit as this credit does not need to be repaid.

But time is of the essence for buyers who want to take advantage of this opportunity. Only homes with a sale occurring before April 30, 2010 with the home purchase completed by June 30, 2010 are eligible.

Use the link below to find out more about the tax credit.

www.federalhousingtaxcredit.com
      
    
*First time buyers are eligible if they have never owned a home or have not owned a home in the past 3 years.  As with any tax law change, check with a tax advisor if there are questions about using this tax provision.

**Move-up / repeat buyers are eligible if they have owned and lived in their previous home for five consecutive years of the last eight years.  As with any tax law change, check with a tax advisor if there are questions about using this tax provision.