The Unknown Tax Credit

While many people are aware of the first time home buyer's tax credit of up to $8,000 and that it was extended recently. What most people aren't aware of is a tax credit for homeowners who currently own a home now. A credit for 10% of the purchase price, up to $6,500.

A few caveats: You must have lived in your current home for five out of the last eight years, and there are income qualifications- up to $225,000 for a couple of their adjusted gross income and $125,000 for single filers. You also must be in contract by April 30th and close by the deadline of June 30th of this year.

If you or a friend are considering selling this year, it may make sense for you to sell now and take advantage of keeping some major money in your hands.

First Time and Step Up Buyers Tax Credit (Full Document)