Facts about the $6,500 Expanded Tax Credit for Repeat Buyers

Real Estate Agent with RE/MAX Victory




To qualify for the new $6,500 Move-up/Repeat Buyer Tax Credit, you must meet the following criteria:


* Repeat buyers must have owned and resided in their primary residence for 5 years out of the past 8 years. This does not have to be the last 5 years, but any 5 years out of the past 8 years.


* You do not have to buy a home that is more expensive than your current home.


* You must be in contract for your new home by April 30, 2010 and close by June 30, 2010.


* The credit is 10% of the purchase price, up to $6,500.


* To get the full credit, Income limits are $125,000 for single tax payers and $225,000 for married couples filing jointly. Income limits for partial credit are $145,000 for single tax payers and $245,000 for couples.


* Homes purchased in 2010 can be claimed on your 2009 tax return.


* The credit does not need to be repaid, as long as you own and reside in your home for 3 years.


* You don’t have to sell your current home to qualify, but you do have to use the new home as your primary residence.


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Lorraine or Loretta Kratz
Crescent Moon Realty, Inc. & Land N Sea Auctions. - San Marcos, CA
Certified Negotiation Consultants

Laurie--good info, thanks.

Nov 24, 2009 11:54 PM #1
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