Don’t forget about the tax credit incentives for buyers!

There are only me inabout two and a half months left to take advantage of the tax credits for buyers, which are being offered by the IRS. The rules for both tax credits are that the buyer needs to have the house in escrow by the end of April, 2010, and close by the end of June, 2010.

There are two types of credits being offered…

1) First time home buyers, or those who have not owned a home for the past three out of five years. Buyers fitting into this category can benefit from a tax credit of up to $8,000. You will need to show that this is either your first time buying a home, or that you have not owned a home in the past three out of five years.

2) Move up buyer tax credit. This is a new tax credit that just became available in November 2009. To qualify, you have to have owned and lived in your home as an owner occupant for at least the last five years. You can qualify for up to a $6,500 tax credit when you sell your home and purchase a replacement property.

If you are thinking of purchasing a Tucson home, the clock is ticking on both tax credits. Please do not hesitate to call Sarah Ley, should you have any questions about either. Speak with your tax professional to find out if you qualify for either credit.