$6,500 Repeat Buyer Tax Credit
("Upgrade"/"Move Up" Credit)
• You have owned a home for five consecutive years (out of the past eight years). This home must have been your primary residence.
• You purchase a different home as your primary residence. This home's purchase price cannot exceed $800,000. If it does, you are not eligible for any portion of the credit.
• You do not have to sell your former primary residence. You may lease it, sell it or give it away.
• Your income does not exceed $125,000 filing individually or $225,000, married filing jointly. Even if you do make more, you may be eligible for a smaller credit.
• You must have a signed purchase agreement in place by 04/30/10 (must close by 06/30/10).
• You must be 18-years of age or older.
• If you are an active service member and work outside of the United States, there are special considerations for you (check for details.)
*General information shared as a courtesy. Individual tax ramifications are beyond my area of expertise. Please check with your tax &/or financial advisor to discuss all details & tax benefits of home ownership and they may apply to you.
Info (& edited graphic) courtesy of RE Magazine.