$6,500 Existing Home Owner-Homebuyer Tax Credit

The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified existing home owners purchasing a principal residence after November 6, 2009 and on or before April 30, 2010. Homes with a binding sales contract signed by April 30, 2010 must close by June 30, 2010 to qualify for the tax credit.

The law defines a tax credit qualified move-up home buyer as a person who has owned and lived in the same home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and their spouse.

The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500. Purchases of homes priced above $800,000 are not eligible for the tax credit. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit.

The maximum income limit for single taxpayers is $125,000 and $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income above those limits.

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The following articles are a great place to start if you're looking for information about the sales process and how you can get more for your home when you decide to sell.

The Basics of Marketing Your Home How to Set a List Price for Your Home
Get Your House Ready to Show Buyers Why Use a Realtor when Selling a Home