RAthdrum HouseThis past November, Congress expanded the first-time home buyer tax credit to repeat buyers.  As a result, current homeowners who will have lived in their home for 5 consecutive years out of the last 8 may now be eligible to receive a $6,500 tax credit.

Today’s affordable housing prices, historically low interest rates and federal home buyer tax credit have combined to create one of the most attractive first-time buyer markets in recent memory.

What you might not realize is that a recent expansion of the
tax credit has created an equally desirable opportunity for existing homeowners!

To qualify for the tax credit as a repeat buyer, you must have signed a purchase contract by April 30, 2010 and close on the home by June 30, 2010. Tax credit eligibility is subject to income limits, $125,000 for single buyers and $225,000 for couples. The purchase price of your new home can not exceed $800,000.

There is no requirement that existing homeowners must have sold their home to be eligible for the $6,500 tax credit. In fact, you don't need to currently be living in that home, or even still own it!

I am working with a couple right now who are going to keep their current home as a rental and purchase their retirement home at historic low interest rates!  They are purchasing a beautiful foreclosed property for many thousands less than the appraised value.  And they will be receiving $6500 from Uncle Sam when they file their tax return!  What a windfall of perfect circumstances for them! 

Whether moving up or downsizing, you will need to act fast if you need to sell your existing home before purchasing another to qualify for the credit.  The opportunity expires at the stroke of midnight on April 30!

Click here for a link to a recent Post of mine
that will take you straight to the IRS instructions for claiming the tax credit. 

Give me a call if you would like to explore your options.  It would be my pleasure to assist you!

Janna SignJanna Rankin Scharf  provides a superior level of real estate services to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit Janna.ServingNorthIdaho.com to search for homes in the Coeur d'Alene MLS for anywhere in spectacular North Idaho.

No matter how grand or modest your real estate dreams may be, you can turn to me in confidence.  Give me a call today and let me know what I can do to be of service to you!

Janna Rankin Scharf AB, GRI, CSP, CNS, CLHMS  208.651.9700

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3 Comments on Existing homeowners can claim a tax credit too, but you'll need to act fast!

JAN
24
2010
113,372 Points 1 Featured Post

You are right...buyers need to act fast and this is a great time for repeat buyers to purchase a new home!
11:58pm • #1
JAN
25
2010
814,633 Points 164 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Janna, I just told buyers to check this out as he has owned a home for quite a few years, she has never owned one. Great info!
7:50am • #2
568,550 Points 26 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Andrea, I'm glad you found this helpful.  Spread the word!
9:59am • #3


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Janna Rankin Scharf

Coeur d'Alene, ID

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Keller Williams Realty Coeur d'Alene

Address: 1450 Northwest Blvd. Ste 301, Coeur d'Alene, ID, 83814

Office Phone: (208) 667-2399

Cell Phone: (208) 651-9700

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Coeur d'Alene Idaho Real Estate Blog By Janna Rankin Scharf of Keller Williams Realty is a Great Place For Real Estate Agents and Potential Buyers and Sellers to get to know more about Coeur d'Alene Idaho as well as other parts of Kootenai County and North Idaho.
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