The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance
The President has approved an extended and expanded tax credit for home buyers
The 2009 housing tax credit applied to first time home buyers only. The new tax credit has expanded to include repeat home buyers — you may be eligible. St. Louis real estate is turning around as a result of this tax credit.
**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 unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
**The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
**The tax credit applies only to homes priced at $800,000 or less.
**The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 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.
Category : Buyers &first time home buyer tax credit &Moving to/from St. Louis &Real Estate Sales in St. Louis
