There are many 2010 tax credits to be had in the coming year, many of them geared toward home purchases.  The move-up tax credit is perfect for the family needing more space.

Are you wondering if you are eligible for the $6,500 tax credit if you presently own a home? 

1. IRS rules dictate that you must own your home for eight (8) years, with five (5) consecutive years of you living at your principal residence.
2. You must purchase a new home (your principal residence) between Nov 7, 2009 and April 30, 2010, although you can still receive credit as late as June 30, 2010 if you have a binding contract by April 30, 2010.
3. To claim your credit you must provide proof to IRS by providing a copy of the Settlement Statement (HUD) that you receive a the time of closing.
4. Single-family homes, townhouses, co-ops, and condos are all eligible for a tax credit, as well as mobile homes, if it was your principal residence. 
5. The $6,500 is not the amount everyone will receive as it begins to decrease for joint filers if your modified adjusted gross income is $225K ($125K for individuals); and it all but dissappears at $245K ($145K for individuals). 

Brenda Sours is licensed to do business in the State of Texas by the Texas Real Estate Commission:  License # 0555929

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