Kip Tips


A New Tax Break for Home Buyers

Cameron Huddleston

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.



Editor's Picks From Kiplinger


You can get valuable updates like Kip Tips from Kiplinger sent directly to your e-mail. Simply enter your e-mail address and click "sign up."

More Sponsored Links


DISCUSS

Permission to post your comment is assumed when you submit it. The name you provide will be used to identify your post, and NOT your e-mail address. We reserve the right to excerpt or edit any posted comments for clarity, appropriateness, civility, and relevance to the topic.
View our full privacy policy


Advertisement

Market Update

Advertisement

Featured Videos From Kiplinger