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Kip Tips

A New Tax Break for Home Buyers

First-time home buyers aren't the only ones now who can qualify for a hefty tax credit.

President Obama signed legislation today that creates a new $6,500 tax credit for current homeowners who buy a new place to live and extends the $8,000 first-time home buyer credit beyond the November 30 expiration date.

If you're about to close on a home today, delay it until November 7 so you can take advantage of the new tax credit. To be eligible, you must have owned a home for at least five consecutive years out of the eight years prior to buying a new home. And first-time home buyers now have until June 30, 2010, to close on a house and still qualify for a tax credit of up to $8,000.

For more details about the new credit and extension of the existing one, see Time Your Closing Right to Save Thousands.