I bought a new home in January 2009.
I live in Colorado and was wondering about the $6500 tax break.
Do I qualify for the $6500 credit now under consideration? Can you guys explain a little more about the $6500 tax break?
11-05-2009 at 05:26 PM
You must have been in your home for 5 years. So, I don't think so.
It does not take affect until the old one expires. It's an extension with new guidelines so you will not be able to get the tax break.
First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include many buyers who already own homes. The House is scheduled to vote on the bill Thursday.
Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.