My Real Estate Blog

If you are a Long-Time home owner (owned your current residence for 3 of the last 5 consecutive years), you are entitled to up to $6,500 in a in a tax credit for the purchase of a new residence. The deadline is fast approaching, April 30, 2010. You must close by this date.

Some rules are as follows:

• You may not make more than $245,000, jointly.
• Single Family residences of up to $800,000 are eligible, if they are your primary residence.
• Vacation homes are not eligible.
• The tax credit can be claimed on either the 2009 or 2010 tax returns.
• The tax credit does not have be repaid if you live in the purchased residence for at least 3 years.
• You do not need to sell your current residence.

Thinking of making a move? Contact Boivin Appraisals, Inc. for a professional appraisal of your current residence. Call 630.624.0142 or email klboivin@boivinappraisals.com

Was this information helpful? Feel free to make a comment.