$6500 Tax Credit for Existing Homeowners Purchasing a Home

By
Real Estate Agent with RE/MAX Around 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

 

Posted by

 

RE/MAX GalloonsBen Staten and Kathy Kirby Seger - RED HOT ATLANTA HOMES Group, REALTORS 

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

RE/MAX Around Atlanta - Offices around Atlanta to serve you!

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

 

Homes for Sale - Woodstock, Roswell, Milton, Marietta, Alpharetta and Surrounding Areas of Metro Atlanta

Real Estate Agent for Woodstock, Roswell, Milton, Marietta, Alpharetta, and Surrounding Areas of Metro Atlanta

Selling your Woodstock Ga Home with a real estate agent, call REALTORS Ben Staten and Kathy Kirby Seger to learn about their pro-active, written marketing program.  Selling homes in Woodstock, Roswell, Milton, Marietta, Alpharetta, Holly Springs, Canton, Acworth, Kennesaw, Smyrna, Sandy Springs.

 

close

Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Peter Tamura 01/07/2010 02:10 AM
  2. Christina Cavins 02/02/2010 01:50 AM
Topic:
ActiveRain Community
Location:
Georgia Cherokee County Woodstock
Tags:
6500 tax credit
tax credit for existing homeowners

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
336,060
Chip Jefferson
Gibbs Realty and Auction Company - Columbia, SC

April 30 will be here at the blink of an eye. I am seeing many slow down home shopping for the holidays.

Dec 08, 2009 12:18 AM #1
Rainmaker
93,822
Kathy Seger & Ben Staten
RE/MAX Around Atlanta - Woodstock, GA
Red Hot Atlanta Homes Group

Laura, Would agree that many are out holiday shopping nevertheless I am going to keep reminding those interested in purchasing a home there is an opportunity and the clock is ticking.

Kath

 

Dec 08, 2009 02:24 AM #2
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
93,822

Kathy Seger & Ben Staten

Red Hot Atlanta Homes Group
Ask me a question
*
*
*
*
Spam prevention

Additional Information