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Move-Up/Repeat Home Buyer Tax Credit Overview
Qualifying Conditions: The tax credit is equal to 10% of the purchase price up to a maximum of $6,500. Purchases above $800,000 are not eligible. Purchase of owner-occupied primary residence between November 7, 2009 and April 30, 2010 -- or one that closes by June 30, 2010, provided a binding sales contract was in force by April 30, 2010. Any kind of home including single-family, townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. Home owner must have owned and resided in a home for at least 5 consecutive years of the 8 years prior to the purchase date. Married taxpayers: both the home buyer and his/her spouse must pass the homeownership history test. The income limit for single taxpayers is $125,000 and $225,000 for married taxpayers filing a joint return. Other Facts: New Construction is treated by the tax code as having been “purchased” on the date the owner first occupies the house Repeat home buyers do not have to purchase a home that is more expensive than their previous home. The law allows taxpayers to choose to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008, or if the purchase ... more
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