Home Buying in Wichita>Question Details

Jellis3, Home Buyer in Wichita, KS

This may be a stupid question but does the repeat owner tax credit apply to someone who remorgaged their home?

Asked by Jellis3, Wichita, KS Wed Apr 14, 2010

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No, unfortunately it does not. Here is an outline to qualify for the tax credit and since it appears you already own your home, I will focus in this area.

First, to be eligible, you must have used the home sold or being sold as a principle residence consecutively for 5 of the last 8 years. Second, your income limits are $125,000 if filing single and $225,000 if married filing jointly. Third, the home purchased must be less than $800,000. Fourth, a written contract to purchase must be in effect on April 30th, 2010 and must close by July 1, 2010. Lastly, if you meet the above criteria, then you would receive a $6500 tax credit ($3250 if married filing seperately). So as you can see there are no provisions for refinancing your home. Hope this helps.

If you have any further questions you may contact me via email at kennymathishomes@yahoo.com as I am right here in Wichita, KS.
Web Reference: http://www.iHOMEwichita.com
0 votes Thank Flag Link Thu Apr 15, 2010
Unfortunately no--it applies to those who buying a replacement primary home--See IRS link for additional information or consult with your tax professional regarding quailifying IRS Codes.
http://www.irs.gov/newsroom/article/0,,id=206293,00.html
0 votes Thank Flag Link Wed Apr 14, 2010
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