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$6500 Tax Credit for Existing Homeowners Purchasing a Home

Via Red Hot Atlanta Homes - Kathy Seger & Ben Staten (RE/MAX Greater Atlanta):

With the signing of the Extended Home Buyer Tax Credit existing homeowners may now qualify for a $6500 Tax Credit.  This new legislation is time sensitive and unfortunately does not apply to all existing homeowners.  Here are the important points to know...

• Who qualifies - current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight qualify.
• Time Limits - as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
• Income Limits - single buyers with incomes up to $125,000 and married couples with incomes up to $225,000-may receive the maximum tax credit.  The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income-over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
• Price Limits - credit may only be awarded on homes purchased for $800,000 or less.

• Repayment of Tax Credit - there is no repayment of the tax credit if the purchased property is occupied for three year or more.  However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

Now you know the facts.  What does it mean...

• You receive the Tax Credit by purchasing a home.  You are not required to sell your current home - just make the new home your principle residence for 3 years.
• You can purchase a property for a higher value or lower value than your present home.
• You must act now...April 30 is the deadline for having a home under contract.
• Upon closing the new home purchase you can file an amended tax return for an immediate $6500 Tax Credit.

So remember...

• The present low prices and mortgage rates will not last forever
• Here is the opportunigy to "move" to your dream home

 

 

Ben Staten and Kathy Kirby Seger - RED HOT ATLANTA HOMES Group, REALTORS 

Ben at 404-323-0049 and Kathy at 404-314-8129

RE/MAX Greater Atlanta - #1 Independent Real Estate Firm In Atlanta

Associate Broker Licenses   -   Accredited Buyer Representative   -   Certified Residential Specialist  -   Senior Real Estate Specialist   -  Accredited Sellers Representative   -   Graduate of the REALTOR Institute - Certified Relocation Consultant   -   ePro

 

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