For the past six months, there has been a wealth of information and press about the 2009 First-Time Home Buyer Tax Credit, but there has not been as much talk about the fact that move-up home buyers can also benefit from the Worker, Homeownership, and Business Assistance Act of 2009. Who are move-up home buyers and how can they benefit from this tax credit by purchasing a home right here in Tampa, Florida? All real estate buyers should benefit in the first quarter of 2010.
According to the National Association of Home Builders Home Buyer Tax Credits, “The law defines a tax credit qualified move-up home buyer (“long-time resident”) as a person who has owned and resided in the same home for at least five years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. That is, both spouses must qualify as long-time residents, with at least five years of principal residency for each. Repeat home buyers do not have to purchase a home that is more expensive that their previous home to qualify for the tax credit.”
There are many factors involved with this tax credit such as how the amount of the tax credit is determined, income limits of taxpayers, partial tax credit, claiming the tax credit, and types of homes that qualify. Those who do not fully understand this program are encouraged to consult a qualified tax advisor or legal professional to discuss their unique situations.
This is an incredible opportunity for those who have owned a home, and now wish to purchase another to enjoy the financial advantages of a tax credit while doing so. Don’t miss the boat! Real estate opportunities like this don’t come around often and do not last long.