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.: Repeat Tax Credit FAQ

 

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Tax Credit

Thanks to the Move-up/Repeat Homebuyer Tax Credit, current home owners now have an incentive to explore more of the opportunities available to them. As part of the economic stimulus bill, move-up/repeat homebuyers will be allowed to take a $6,500 tax credit when they buy a single-family home, townhome or condominium.

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Visit www.federalhousingtaxcredit.com

View Current Incentives and Specials

As part of landmark Congressional stimulus legislation, the law allows Move-up/Repeat homebuyers to take a $6,500 tax credit when they buy a single-family home, townhome or condominium.

The Details

¬ To be eligible 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 repaid.
  - The tax credit is equal to 10% of the home's purchase price up to a maximum of $8,000
¬ The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010.
¬ Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
   
 

 
Tax credit of up to $8,000 available to qualified first-time homebuyers.  Qualification for tax credit based upon first-time homebuyer status, income, purchase price of home and other IRS qualifications.  See www.federalhousingtaxcredit.comfor details. This information is provided for general awareness only, and is not intended for the purpose of providing legal, accounting, tax advice or consulting of any kind.  Please consult with your tax professional for complete details.