Existing homeowners can claim a tax credit too, but you'll need to act fast!

By
Real Estate Agent with Keller Williams Realty Coeur d'Alene AB37665

RAthdrum HouseThis past November, Congress expanded the first-time home buyer tax credit to repeat buyers.  As a result, current homeowners who will have lived in their home for 5 consecutive years out of the last 8 may now be eligible to receive a $6,500 tax credit.

Today’s affordable housing prices, historically low interest rates and federal home buyer tax credit have combined to create one of the most attractive first-time buyer markets in recent memory.

What you might not realize is that a recent expansion of the
tax credit has created an equally desirable opportunity for existing homeowners!

To qualify for the tax credit as a repeat buyer, you must have signed a purchase contract by April 30, 2010 and close on the home by June 30, 2010. Tax credit eligibility is subject to income limits, $125,000 for single buyers and $225,000 for couples. The purchase price of your new home can not exceed $800,000.

There is no requirement that existing homeowners must have sold their home to be eligible for the $6,500 tax credit. In fact, you don't need to currently be living in that home, or even still own it!

I am working with a couple right now who are going to keep their current home as a rental and purchase their retirement home at historic low interest rates!  They are purchasing a beautiful foreclosed property for many thousands less than the appraised value.  And they will be receiving $6500 from Uncle Sam when they file their tax return!  What a windfall of perfect circumstances for them! 

Whether moving up or downsizing, you will need to act fast if you need to sell your existing home before purchasing another to qualify for the credit.  The opportunity expires at the stroke of midnight on April 30!

Click here for a link to a recent Post of mine
that will take you straight to the IRS instructions for claiming the tax credit.
 

Give me a call if you would like to explore your options.  It would be my pleasure to assist you!

Posted by

Janna SignJanna Rankin Scharf  provides a superior level of real estate services to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit www.jannaScharf.com to search for homes in the Coeur d'Alene MLS for anywhere in spectacular North Idaho.

No matter how grand or modest your real estate dreams may be, you can turn to me in confidence.  Give me a call today and let me know what I can do to be of service to you!

Janna Rankin Scharf AB, GRI, CLHMS, PMN, SFR  208.651.9700

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Renee L. Norton
Birmingham, AL

You are right...buyers need to act fast and this is a great time for repeat buyers to purchase a new home!

Jan 24, 2010 11:58 PM #1
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Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

Janna, I just told buyers to check this out as he has owned a home for quite a few years, she has never owned one. Great info!

Jan 25, 2010 07:50 AM #2
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Janna Scharf
Keller Williams Realty Coeur d'Alene - Coeur d'Alene, ID
Coeur d'Alene Real Estate Pro

Andrea, I'm glad you found this helpful.  Spread the word!

Jan 25, 2010 09:59 AM #3
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