Now a Tax Rebate for Long-Time Home Owners!!!

Not a First-Time Buyer, but Still Want a Rebate for Your Real Estate Puchase?…It’s Your Turn Now!!! Sell Your Current Home and Close on a Purchased Home Before April 30, 2010 for a Rebate!!!

Many Current Home Owners Now also Qualify for a Tax Rebate on their Real Estate Purchase. Who Qualifies? Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

What Properties are Eligible? The Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops. How Much of a Rebate is Available to Me? The maximum allowable credit for current homeowners is $6,500. Each home buyer’s tax credit is determined by tow additional factors: The price of the home. The buyer’s income. Price Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less. Buyer Income Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

If My Income Exceeds The Limits, Can I Still Get a Credit? Yes, some buyers may still be eligible for the credit. The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Qualify with a Purchase that Closes After April 30, 2010? Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close. Will the Rebate Need to be Reapaid? No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

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