Good news for existing homeowners! You’ll finally be eligible to take advantage of the home buyer tax credit. When the President signed a bill today to Extend the $8,000 First Time Home Buyer Tax Credit, it also included a provision for existing homeowners, referred to as long-time residents.
To qualify as a long-time resident, you must have owned and lived in your current residence for at least five years of the previous eight years.
$6,500 Home Buyer Tax Credit
Here are the requirements for the $6,500 home buyer tax credit:
- You purchased your new home after November 6, 2009, and before May 1, 2010, or you have a signed contract by April 30, 2010 and you must close on the new home by June 30, 2010.
- Income phaseouts will begin at $125,000 for single filers and $225,000 for married filing joint.
- The credit is for primary homes that cost $800,000 or less.
For instructions on how to get your tax credit, including the form to file with your taxes and what documentation you need to include, see How to Claim Your Home Buyer Tax Credit.
For more information, see the original First Time Home Buyer Tax Credit.
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I’m an existing home owner for the past 15 years. I purchased land in Aug 2008 and have spent $50,000 in 2009 to construct a retirement home that I will occupy in 2010. Do I qualify for a tax credit of up to $6500? I have not decided if I will rent or sell my existing home.
December 14th, 2009 at 2:09 pm
I was a first time home buyer in 2008, but opted not to take the $7500 tax credit because I did not want to pay it back. Now there is the $8000 credit that does not have to be paid back…do I qualify for the $6500 for existing home owners?
December 21st, 2009 at 8:48 pm
I NEED A NEED A ANDSER TOBTHIS QUESTION CAN YOU HELP
February 8th, 2010 at 8:08 pm
I’am an existing homeowner, and I’am going to purchase a home from the estate of a deceased Aunt by marriage. This home will be my primary residence. Do I qualify for the tax credit ?
December 22nd, 2009 at 6:21 pm
I am a home owner and I purchased my first home in 2006 will I be able to take part in the $6500 tax credit? I see articles stating you must be a resident in your current home for at least 5 years and I seem to be in between both the first time home buyers and long time home owners?
January 7th, 2010 at 7:56 pm
My husband and I seperated and are going to file for a divorce in a year as required by law. My husband lived in the home for 10 years and I lived there with my name on the deed for 5 years. He met another and beat me until I sold him back his portion of the home. Then I bought a home of my own. Do I qualify for the tax credit. I sure hope so he left me without a car and I am a very sick person who needs this money for a car to get treatments from the hospital.
January 10th, 2010 at 11:54 pm
I purchase my home Augusta of 2007 do i qualify for the tax credit.
January 12th, 2010 at 2:14 pm
I purchased my present home november 1, 2005. It appears (once again) that I am being left out in the cold on a government plan. I feel that I, and folks like me should be granted an extension of some kind so that we may be able to qualify for at least part of the credit.
January 14th, 2010 at 11:41 pm
I updated the article to include the beginning date. Your new home purchase has to be after November 6, 2009. Purchases before that will not qualify.
January 28th, 2010 at 3:42 pm
I am in the same dilema as some of the others. I paid full price for my home in june of 2007 when the market was up. Now prices have dropped and so has my value on my home, why are we not entitled to some kind of credit as well?
February 1st, 2010 at 1:49 am
WHAT IS THE REQUIREMENTS FOR THE 6500
February 8th, 2010 at 8:19 pm