Want to move to the home of your dreams?

Have you lived in your house for five out the last eight years?

• Do you know that you can get up to $6500 from the IRS  when you buy another home and it doesn’t have to be more expensive?
• Did you know more money is made in the real estate market when home prices are low?

Make the smartest move of 2010! Move to the house of your dreams, whether big or small - and get money back!

If you own a home and want  to down-size or move-up to a new home NOW is the time to buy. The expanded Federal housing tax credit  means that qualified move-up and repeat home buyers are eligible for a tax credit of up to $6,500.

  Homes must be a principal residence and need to be purchased after November 6, 2009 and before April 30, 2010.   The credit equals up to 10 percent of the home’s purchase price  -  to a maximum of $6,500.  Homes priced above $800,000 are not eligible for the tax credit.   Buyers don’t have to purchase a  home more expensive than their previous home to qualify; however, they need to have lived in their previous home for at least five consecutive years of the eight years prior to the purchase of the new home. Both married taxpayers, must qualify.

 Income limits apply.  A single taxpayers less than $125,000; and the limit is $225,000 for married taxpayers filing a joint return.

The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) above those limits. Ask your accountant if you have specific questions!

For  more specific answers to  your questions, we suggest visiting the  the Federal Housing Tax Credit site.

CALL: 800-816-6079 x 5002  or EMAIL: JRoosevelt@kw.com