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.
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Award-winning journalist, speaker, family finance expert, and author of Mom and Dad, We Need to Talk.
Cameron Huddleston wrote the daily "Kip Tips" column for Kiplinger.com. She joined Kiplinger in 2001 after graduating from American University with an MA in economic journalism.
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