Is It Time to Move-up in Montgomery County, Maryland?

2009 11 Move Up CreditThe U.S. Government thinks so.  Last week, the $8,000 first-time homebuyer credit was extended and enhanced to provide a $6,500 credit to current homeowners who purchase another home as their primary residence.  Here’s the basics for the move-up credit:

  • A ratified contract must be in place by April 30th, 2010 and close by June 30th
  • Home purchases over $800,000 do not qualify
  • A buyer must be in their current home 5 of the last 8 years
  • The buyer’s income must be below $125,000 or $225,000 for married couples
  • The credit can be claimed on your 2008 or 2009 return

Unfortunately, there’s quite a bit of fine print with this credit.  The National Association of Home Builders and IRS have FAQs to review.  You should also talk to your accountant to make sure you qualify.

Contact us if you are planning a move in the coming months and we can help you get started.

Posted by Bruce Lemieux

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