$8000 Tax Credit Extended

Late this afternoon both the Senate and the House passed the extension of the $8000 first time home buyer tax credit. It was part of an unemployment benefits extension legislation. The first time home buyer tax credit is now extended through April 30, 2010as a deadline to be under contract and the property must close by the end of June of 2010.

A new, move-up homebuyers tax credit of up to $6500 was also part of that legislation. A person would have to have lived in their home five out of the prior eight years as their primary residence and the home that they purchase must be $800,000 or less.

Both of these tax credit are only available for primary residence which can include condominiums, but it would not include second homes or vacation homes. More details will be coming out and as they are I will be sure to include them in this blog.

Please feel free to call Team Lorenz as we would be happy to help you in your Durango real estate endeavors. Our phone number is 970-375-7007. If you would like to look at homes for sale in Durango please click this link and it will take you directly to all of the homes for sale.