Repeat Home Buyer Tax Credit!

$6500 Repeat Buyer Tax Credit at a Glance

The information on this page pertains to the American Recovery Investment Act of 2009.

To be elgible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

The tax credit does not have to be paid unless the home is sold or ceases to be used as the buyer's principle residence within three years of the initial purchase.

The tax credit is equal to 10 percent of the home's purchaseprice up to a maximum of $6,500.

The tax credit applies only to homes priced at $800,000 or less.

The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.

Single taxpayers with income up to $125,000 and married couples with income up to $225,000 qualify for the full tax credit.

Please email me and request a more in depth print out of the 21 frequently asked questions about the Repeat Home Buyer Tax Credit.