The first-time homebuyer tax credit was just extended!

Thinking about building a new home? You may be eligible for an up to $8,000 tax credit.

Thanks to the newly extended and expanded homebuyer tax credit, first-time homebuyers may still qualify for an $8,000 tax credit and existing homeowners may qualify for a $6,500 tax credit when they buy a new home. That’s a guaranteed federal tax credit that directly reduces the amount of taxes you owe for the entire year.

You may qualify for the newly extended $8,000 federal tax credit if*:

• You are a first-time buyer or have not owned a home for the past 3 years
• You make $225,000 or less if filing as a couple ($125,000 or less if filing single)
• You enter into a written contract for sale before May 1, 2010 and close on the new home before July 1, 2010
• You don't sell the home within 3 years of closing

You may qualify for the newly expanded $6,500 federal tax credit if*:

• You are an existing homeowner who has owned and lived in your home for any 5 consecutive years out of the last 8 years
• You make $225,000 or less if filing as a couple ($125,000 or less if filing single)
• You enter into a written contract for sale before May 1, 2010 and close on the new home before July 1, 2010
• You don't sell the home within 3 years of closing

For additional details on the federal home-buying tax credit, visit www.FederalHousingTaxCredit.com

*This information is provided for general awareness only and is not intended for the purpose of providing legal advice, accounting advice, tax advice or consulting advice of any kind. Trade In – Trade Up does not advise on such matters and urges you to seek professional assistance to determine whether you qualify for the tax credit