Real-Estate Forum: Real-estate tax credits | SummitDaily.com

Real-Estate Forum: Real-estate tax credits

ALLISON SIMSON
special to the daily

It’s tax time! Whoopee! This year there are a few real-estate related tax credits that I wanted to make sure you knew about. Unless you’ve been living in a cave in the hills, you’ve heard of the first time homebuyer credit, but you may not have heard of the move-up credit. Here are the details:

Buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

The tax credit is equal to 10 percent of the home’s purchase price up to $6,500.

Does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years of the initial purchase.

The tax credit applies to sales under contract by April 30, 2010 and closed by June 30, 2010.

The IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.

The tax credit is equal to 10 percent of the home’s purchase price up to.

The tax credit does not have to be repaid.

The tax credit applies to sales under contract by April 30, 2010 and closed by June 30, 2010.

So, if you want to buy or move up – get cracking! Time is short for this giveaway money.

Allison Simson can be reached at (970) 468-6800 or at Info@SummitReal Estate.com. Summit Real Estate – The Simson/Nenninger Team is located at the Dillon Ridge Marketplace. Want to know the value of your Summit County property? Visit http://www.SummitHomeValue.com


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