The Colorado Springs Real Estate Connection is happy to announce that the $8,000 Home Buyer Tax Credit HAS been extended! It passed Congress and was signed into law by President Obama last Friday!

To qualify for this First Time Home Buyer Tax Credit extension, you must not have owned a home in the last 3 years. Income limits for this tax credit have been raised and now are:

• $125,000 per individual (previously was $70k) or
• $225,000 per family (previously was $150,000)

In addition to that,this new law offers $6,500 tax credit to EXISTING home owners who have lived in their current home for 5 consecutive years of the last 8 years, and want to “move up” and buy a different home (up to $800,000)!

However …

“Just because the $6,500 tax credit feature has been “labeled the move-up credit”, it  does not mean that you must purchase a bigger or costlier home.  You could always downsize & still take advantage of the credit.” – Move Up $6,500 Tax Credit – Can I Downsize Now? [Nannette Saunders - Lynchburg VA Real Estate agent]

Whether you are a first time home buyer or an existing home owner looking to move please remember, the home must go under contract by April 30, 2010 and close by June 30, 2010.

Not only does the extension help first time home buyers get a home, but it also helps reward current home owners who have stuck it out through this shifting market.

Remember: If you qualify, this tax credit goes against any taxes that you may owe, and any difference will be refunded to you!  *Please talk with your tax attorney or accountant to see if and how this tax credit could apply to you.

For more information on how we can help you take advantage of the extended and expanded tax credit, please give us a call: 719.434.7525

Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate
Pictures of Colorado Springs
(719) 434-7525