As many of you know, the tax credit that has been in place for most of 2009 has now been extended into the first part of 2010 (2011 for some active servicemen/women, intelligence personnel, and foreign service workers). It has also been expanded so that now persons who currently own a home may benefit from the credit if they meet certain criteria.
Keep in mind that the tax credits are maximums and depending on how much you pay to buy your next home, you may not get the full credit. Many of the papers on this subject say "up to $8,000" etc. So keep that in mind.
My suggestion is that you check out the following link that was provided by the National Association of REALTORS (NAR) that has lots of good information about the program. To go to this page, just: CLICK HERE
You can also download a comparison chart that you might find useful. Just click on this link: Download Tax Credit Comparison Chart
Again, keep in mind that the tax credit amounts they mention are maximums. If you buy a more modest home you may get a smaller credit.
Then, if you are considering going for the tax credit, speak with your personal tax expert, CPA or even the Internal Revenue Service to determine IF you qualify and for HOW MUCH? They can advise you best.
If I can be of further assistance, do not hesitate to contact me. You can call me at: 813-783-4444 or e-mail me at: email@example.com
John Elwell - REALTOR
Bill Nye Realty, Inc.
Licensed in Florida