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$6500 Tax Credit for home owners

The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).

Qualified move-up or repeat home buyers purchasing any kind of home areThe tax credits could help you with purchase of a new home in Boones Landing such as this Model 1659 Home eligible to claim the $6500 credit.  The law defines a tax credit qualified move-up home buyer (“long-time resident”) as a person who has owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit.

For answers to questions about this tax credit, go to the Federal Housing website, or contact us.  

Continuation of the $8000 Tax Credit for new home buyers

This is not the same as the $8000 tax credit for new home buyers which expires.  The new bill extends the popular $8,000 buyer tax credit for first-time home, while expanding it to include credits for existing home owners. First-time buyers continue to be eligible for tax credits if they sign a contract by April 30, 2010, and close no later than June 30.  See our page on the $8000 tax credit for new home buyers.