12-7-2009 If you've owned a home for five of the eight past years and you're in the market for a new home, you are entitled to a credit of up to $6500.00.
Dec 07, 2009 / By: Cheryl K. David, Estate Planning Attorney / Category: Tax Credit for Home PurchaseCongress recently extended the tax credit it was offering to first-time home buyers to existing home buyers. First time buyers may receive a credit up to $8000 while existing home buyers may receive up to $6500.
The conditions which must be met are that a contract must be signed by April 30, 2010 and the closing must occur before June 30th.
The credit is based on annual income. A single person is entitled to the full credit if their income is $125,000 or less. A married couple is entitled to the full credit if their combined income is less than $225,000. Modified credit amounts are available up to income levels of $145,000 for a single person or $245,000 for a couple.
The home being purchased must be no more than $800,000.
It’s uncertain whether a current home owner has to sell their existing residence to qualify for the credit.
According to recent statistics, there are over 10,000,000 vacant homes in the country for sale.
The Law Offices Of Cheryl David is a member of the American Academy of Estate Planning Attorneys.
