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You’ve probably heard that they extended the first-time homebuyer’s tax credit.  Now first-timers have until 4/30/2010 to put a house in escrow.

What you may not know is that current homeowners buying a new place now ALSO have a tax credit due to them if they meet certain criteria:

  • They must have used the home they’re selling as their principal residence for 5 of the last 8 years.
  • They must go “under contract” (go into escrow) before 4/30/2010 and they must close on the purchase by 7/1/2010.
  • They can’t buy a house at a price higher than $800,000.

If you can say yes to all of the above, and you’re married filing jointly, you’ll be eligible for a $6,500 tax credit!  Wow!

Of course, there are other questions that come up, too.  What if I’m a first-time homebuyer but my spouse isn’t?  What if we’re living together and we WILL be married AFTER we close on the house?  What if we are repeat home buyers but we’re filing separately and getting married plus we had a baby during a Leap Year?  OK, maybe the last one doesn’t come up too often!  My point is, this is great news and for more detailed info as to how it pertains to you and your financial situation, please call your accountant.

And drive carefully.  It’s crazy icy out there today!

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Cari McGee

Hi, I'm Cari McGee. 👋 I've lived in the Tri-Cities since 1994 and I've been a licensed Realtor® since 2004. That's a lot of local knowledge and real estate experience that I put into every article you read on my website! We've helped more than 560 families buy or sell property in the Tri-Cities. In 2023, our community voted us the bronze winner for Best Real Estate Team in the Tri-Cities Best voting. Learn more about me by clicking the link right above. And if you have any questions, get in touch anytime!

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