Monday, February 22, 2010

Home Buyer Tax Credit

IRS Spokesperson Carrie Resch says home buyers have until April 30th to buy a new home and claim a tax credit.

New home buyers can claim an $8,000 credit, those who have lived in their home for five consecutive years and are buying another home can claim a $6,500 credit. Resch says the purchase agreement has to be done by the end of April, and the closing has to be completed by the end of July.

Resch says the credit can either be claimed on this year's or next year's return.

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