We specialize in assisting corporate, military and civilians to the Greater Pinehurst NC area and are pleased to offer the following overview of the dates, eligibility criteria and key considerations pertaining to applicable Tax Credits for those considering relocation.
Please Note: This is intended to provide an overview only. For specific information, please consult your tax planning professional.
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A binding purchase contract must be entered into between November 7, 2009, and April 30, 2010, and the sale must close by June 30, 2010.
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For both first-time home buyer and qualifying current homeowner credits, the type of home purchased can be a single-family dwelling, condominium, townhouse, or co-op. For new homes still under construction, the date of first occupancy must occur by June 30 or the credit will be lost.
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Sale of the current primary residence is not required to qualify for the $6,500 credit available to current homeowners, as long as the new home becomes the primary residence.
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Eligibility is subject to caps on income in 2010 (single and married, measured according to the Modified Adjusted Gross Income [MAGI] on your Form 1040). Please note that if your employer provides financial support for the relocation, gross income increases, potentially exceeding the allowable limits.
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Since a qualifying current homeowner needs to have used the prior home as a principal residence consecutively for five of the previous eight years, it is possible to be eligible if the home has been rented or otherwise not considered a principal residence for up to the last three years (for example, during a temporary assignment). If the home had been sold more than three years earlier, you could technically qualify as a first-time home buyer. Eligibility is measured backward from the date the new purchase closes.
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First-time home buyers and qualifying current homeowners must retain ownership of the newly purchased home for a minimum of three years; otherwise they must repay the total amount of the credit received. Further, the IRS allows some flexibility as to the year in which the credit is claimed.
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