• Nov. 9, 2009 - Details! Current Homeowner $6500 Tax Credit
Details, details...a short blog entry regarding details for the $6500 tax credit for current homeowners.
If you have lived in your current residence for at least five years and you buy a new home, here's a brief rundown of the requirements for the credit:
*Effective date: 11/6/09
*The contract on your new home must be binding and effective by April 30, 2010.
*You must close on the new home by July 1, 2010.
*Income limits: $125,000 single person, $225,000 married couples.
*Purchase price of your new home must be $800,000 or less.
*You do not need to sell your current home to claim the credit but you must occupy the new home as your primary residence. You can keep the first home as an investment property or second home.
*You must keep the home you purchase at least three years or a portion of the credit must be paid back.
Thinking of sellilng your current home and buying a new one? Use the next couple of months to get your home 'show ready' to put on the market in January. Start looking now for the type of home you want to buy--visit open houses, look on line, interview realtors. Do your homework, be prepared and take advantage of this opportunity to upsize--or downsize--your primary residence while interest rates are low.
Need more information about home prices in your neighborhood? Email me and I'll send them to you.
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• Nov. 9, 2009 - RE: Details! Current Homeowner $6500 Tax Credit
I don't understand this stimulus... I wouldn't think that encouraging selling of a home, to buy another home, would help the housing market.... though it would stimulate home improvement sales, and maybe furniture sales.. I wonder if it would be a good time to sell a rental property, though the tenants have a lease 11/2010. If the buyer doesn't move in for 3 or 4 months, until the lease on the purchased property is up, would the buyer still be eligible for the $6500 credit?