$6,500 Home Buyer Tax Credit for Existing Homeowners

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:

• Your new home must 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 more information, see the original First Time Home Buyer Tax Credit.

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