Colorado Dreams Broker

Keats Ann Scott
Broker Owner
491 Blue River Parkway (hwy 9)
Silverthorne, CO 80498
970-485-0793

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Tax Credit Extended and Expanded

Last week congress expanded the tax credit to homeowners who want to move into a new principal residence and extended the current credit till April 30, 2010. It doesn’t apply to investment properties or second homes.

For the first-time home buyer the credit continues to be $8000. the bill authorizing the credit was to expire at the end of November so this is really good news for buyers who hadn’t taken advantage of the credit. The other neat thing about the credit is that it is possible to amend your 2008 tax return and receive the credit right away.

Now it pays to move for a current homeowner too. For the existing homeowner there is a $6500 credit, the buyer must have lived in the home 5 consecutive years out of the last eight. They don’t have to sell the first property, but the new home must be a principal residence. The new home does not need to cost more than the old home.

There are income limits and the upgrade home can’t cost more than $800,000. The National Association of Realtors put together a chart showing the changes and a Frequently Asked Questions page.