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The OTHER Kind of Tax Credit

By in Buyers with 0 Comments

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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About The Author
Cari McGee

My husband and I came to the Tri-Cities in 1994, and we thought it would be a temporary stop on our way to larger cities. He was a television sports anchor at the time, and we planned to go wherever the "next step up" took us. Twenty-plus years later, we're still here and we've loved every minute of it! We have two children now, and we've found the Tri-Cities area is a wonderful place to raise a family. It's a great place to do outdoorsy things -- I like to hike Badger Mountain or run along the river path. I also love reading ... by a cozy fire in the winter or a beautiful picture window in the summer (with the A/C on!). I've been a licensed Realtor since 2004. I earned my managing broker's license in 2016, which means I can run my own brokerage, or create a team of real estate agents and supervise them, which is exactly what I did when I formed the Cari McGee Real Estate Team in 2018! We have administrative and marketing personnel, as well as additional agents to serve you. I became a director of the Tri-Cities Association of Realtors Board of Directors in 2016, became Secretary/Treasurer of the organization, and was elected to Vice President in 2019. Want to talk about real estate? Click here to schedule a meeting with me!

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