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

Real Estate Agent with Keller Williams Realty Coeur d'Alene AB37665

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!

Posted by

Janna Rankin Scharf provides a superior level of real estate service to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit www.JannaScharf.com for area information and to search for all homes in the Coeur d'Alene Multiple Listing Service. 

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

Janna Rankin Scharf AB, GRI, CLHMS, PMN, SFR  208.651.9700

Share/Bookmark //

Subscribe to North Idaho Janna's Coeur d'Alene Idaho Real Estate Blog by Email


This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
ActiveRain Community
Keller Williams 'Rainers
The Lounge at Active Rain
Keller Williams Realty Active Rain Bloggers
repeat buyer tax credit

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Renee L. Norton
Birmingham, AL

You are right...buyers need to act fast and this is a great time for repeat buyers to purchase a new home!

Jan 24, 2010 03:58 PM #1
Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

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!

Jan 24, 2010 11:50 PM #2
Janna Scharf
Keller Williams Realty Coeur d'Alene - Coeur d'Alene, ID
Coeur d'Alene Idaho Real Estate Expert

Andrea, I'm glad you found this helpful.  Spread the word!

Jan 25, 2010 01:59 AM #3
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?


Janna Scharf

Coeur d'Alene Idaho Real Estate Expert
Ask me a question
Spam prevention

Additional Information