Home Buying in 46304>Question Details

Paul Boyter, Real Estate Pro in Chesterton, IN

In the new tax bill, does a homeowner have to buy a home of equal or greater value to qualify for the $6,500?

Asked by Paul Boyter, Chesterton, IN Fri Nov 6, 2009

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6
Erik, here is a direct link for the IRS' website regarding the credit.
1 vote Thank Flag Link Sat Dec 19, 2009
Debbie,

Thanks for letting me know. It looks like maybe I added a space in there. It should be http://www.nwihomebuyercredit.com.

Let me know what you think.

Scott
0 votes Thank Flag Link Sat Dec 19, 2009
Scott - the link you provided is not correct - perhaps you misspelled something

Paul - the purchase price of the home doesn't matter. It can be higher or lower - BUT - it must be the new PRIMARY residence . One would need to have lived in their current home for 5 CONSECUTIVE years, out of the previous 8 years.

The new income limits do have a phase out range...for singles you can earn $125,000 for the maximum credit............it phases out at $145,000......for couples the range is $225,000-245,000.

Hope this helps
Debbie Rose
Prudential NJ Properties
0 votes Thank Flag Link Sat Dec 19, 2009
Eric,

To answer your question, you can check out http://www.nwihomebuyer credit.com. It is a fairly comprehensive website that I put together for our clients in Northwest Indiana.

Best of luck with your sales. It is a great time for buyers right now!

Scott
0 votes Thank Flag Link Sat Dec 19, 2009
No they do not. Homeowners who have owned and occupied a residence for at least five years out of the past eight can claim the $6,500 tax credit if they sign a contract before April 30 and close by June 30. Income limits have been rasied and are $125,000 for Single buyers and $225,00 for a married couple.
0 votes Thank Flag Link Mon Nov 9, 2009
Before I start talking too much about this new $6,500 credit to my clients does any one have any sources of information? Very exciting times for real estate though!
0 votes Thank Flag Link Fri Nov 6, 2009
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