Tuesday, December 22, 2009

Tax Credit for existing home owners

Frequently Asked Questions
About the Move-Up/Repeat Home Buyer Tax Credit

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).

The following questions and answers provide basic information about the tax credit. If you have more specific questions, call me and I will visit with you about your unique situation.

  1. Who is eligible to claim the $6,500 tax credit?
  2. What is the definition of a move-up or repeat home buyer?
  3. How is the amount of the tax credit determined?
  4. Are there any income limits for claiming the tax credit?
FAQ web site (in addition to the 4 questions above, 17 additional questions and answers): http://www.federalhousingtaxcredit.com/faq2.php

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