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Existing Homeowners Also Get Tax Credit Break

Along with an extension of the existing 1st time homebuyers tax credit with a few minor changes, Obama is expected to sign into effect today, Friday Nov.6th a tax credit for existing homeowners.  This credit will be $6500,, purchase contract to be dated before April 30, 2010 and after date President signs bill, must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years, actual closing to occur before July 1, 2010.  Complete summary of 2 bills by Nar Tax Credit for Existing Homeownwer

 

For a summary of the Basics of the Extended Home Buyer Tax Credit, visit this article The Basics: Extended Home buyer TAx Credit 2009/2010

2 comments • Ann Dail, Broker, ePRO, SRS, B.A.Chem, • November 06 2009 01:05PM

Comments

Ann,

If you have owned your home for 9 years, is there any credit for this situation? 

 

Posted by Beverly Bennett 12 days ago

Beverly,

If you are purchasing a home, and have owned an existing home 9 years, there is a $6,500 tax credit if you have a purchase contract by April 30, 2010.  You only get the credit if you are purchasing another home.

Posted by Ann Dail, Broker, ePRO, SRS, B.A.Chem, (Baton Rouge Area Homes, twitter.com/AnnDail) 3 days ago

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