$6500 Tax Credit for Repeat Buyers: Are you eligible?

January 27, 2010 at 5:34 pm 1 comment

First-time buyers seem to be up on the $8,000 tax credit.  But we get the feel that not enough folks are informed on the $6,500 tax credit available for repeat homebuyers.  Are you in the know?  Here’s a quick overview:

ELIGIBILITY  Qualified move-up or repeat home buyers purchasing any kind of home are eligible to claim this credit.

DEFINE REPEAT  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. Both spouses must qualify as long-time residents, with at least five years of principal residency for each. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit.

HOW MUCH  10 percent of the home’s purchase price up to a maximum of $6,500

MAX PURCHASE  > $800,000 not eligible for the tax credit

INCOME LIMITS?  Yes. The income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) above those limits. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $145,000 (single) or $245,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.

More info:  http://www.federalhousingtaxcredit.com/faq2.php

Or hello@thenelsonproject.com

© Julie Nelson and The Nelson Project at Keller Williams Reatly, 2008-2010. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Julie Nelson and The Nelson Project at Keller Williams Realty with appropriate and specific direction to the original content.

Advertisements

Entry filed under: Austin.

Here’s the dirt on Austin soils 2nd Annual Austin Economic Forecast – Notes & Commentary

1 Comment Add your own

  • 1. janhillmortgage  |  January 27, 2010 at 5:40 pm

    Thanks Nelson Project for helping to clarify!

    Reply

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Trackback this post  |  Subscribe to the comments via RSS Feed


Email Us

Call US
512-848-5881

Categories

© Julie Nelson and The Nelson Project at Keller Williams Reatly, 2016-2020. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Julie Nelson and The Nelson Project at Keller Williams Realty with appropriate and specific direction to the original content.

%d bloggers like this: