But are you eligible to receive the $6,500 tax credit for home buyers? Check your status against these criteria amassed by The Washington Post:
-[Y]ou've owned and resided in your current home for a consecutive five out of the past eight years, and your adjusted household income doesn't exceed $125,000 if you file taxes singly, $225,000 if you are married filing jointly.
-Whatever you intend to purchase, the home cannot cost more than $800,000.
-The replacement home must become your main residence. There is no requirement in the legislation that you sell your current home.
-Like the first-time-buyer credit, the $6,500 version permits a broad range of dwelling types for your purchase. These include newly constructed or existing single-family homes, condominiums, manufactured or mobile homes, and boats that function as your principal residence.
-Home buyers who go to closing between Nov. 6 and Dec. 31 can claim the $6,500 credit on their 2009 federal tax returns or amend their 2008 returns.
If you were planning to change your primary residence anyway, and can close by the June 30, 2010 expiration date, why not take the free 6,500 bucks? The financial benefits of this federal housing tax credit are legion, as you can save money by downgrading to a cheaper home, and/or use your original property to generate rental income.
Learn more about the 6,500 dollar tax credit for home buyers on the official Web site of the federal government.
Comments: (8)
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By: midwest on 11/16/2009 6:51PM
This tax credit will not save the Real Estate Market. The true facts are employment is the US is weak. Which means people will not leap into a long term expense such as owning a home. Banks will not lend the funds that are needed to buy a home. To make it simple here we go again trying to reley on the Real Estate Market as a fix all for the US economy.
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By: johnny rivera on 12/01/2009 6:14PM
I owned a home two years ago and sold because of a devorice I have recently remarried and would like to buy a home I know I dont qualify for the $8000 dollar credit and my wife has never owned a home and for us to qualify for a loan we have to get the loan together question is do I qualify for the $6500 dollar tax credit.
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By: brandon day on 1/06/2010 2:58PM
i qualify in every way except for i bought my 2nd home in oct. 2009 do i qualify for any rebate
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By: Laura Ireland on 2/02/2010 4:18PM
We find ourselves in the same shape. It is unfortunate that those of us that are low income and retired with lots of medical expenses cannot access this credit.
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By: AHIDE CORTEZ on 1/12/2010 2:16PM
my aunt purchased her second home in april of 2009. which was befor the law was passed. she qualifies is every other aspect but is not sure if she can apply for the tax credit because it is unclear if you have to have closed after nov of 2009. does she quialify?
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By: Karry on 1/16/2010 11:24PM
I closed on my 2nd house on oct 31, 2009 7 days short of the new law. Do I qualify for the tax credit?
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By: Eric on 2/15/2010 8:44PM
There is 10% unemployment in this country and they are giving $6,500 to people that can afford up to a $800,000 house? You can't get it more wrong than that.
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By: Greg Fahl on 2/23/2010 11:46AM
If someone buys a 2nd home and has not sold there 1st home yet do they get the $6500 credit?
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