David Bruce

November 10th, 2009

$6,500 Move-Up and Repeat Homebuyer Tax Credit at a Glance

New Tax Credits Provide Outstanding Opportunities for Repeat Homebuyers Looking To Move Up!

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $6,500 for qualified repeat home buyers purchasing a principal residence. Here are the details for the $6,500 Move-Up & Repeat Home Buyer Tax Credit at a Glance…

• To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

• The tax credit does not have to be repaid.

• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.

• The tax credit applies only to homes priced at $800,000 or less.

• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.

• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

Want to learn more about this tax credit and how you can take advantage of it when you buy a new home?  Skye Bruce Properties has a team of home buying experts who can explain the credit in detail and help you find the perfect Richmond home.  Contact Skye Bruce Properties today!

This entry was posted on Tuesday, November 10th, 2009 at 10:14 pm and is filed under Buying A Home, Real Estate News and Statistics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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