Home Buying in Kentucky>Question Details

Cindybee, Home Buyer in Kentucky

is there a money back program for owners who have owned their homes for 5 years and sold them, or for buyers who are not first time buyers.?

Asked by Cindybee, Kentucky Thu Dec 10, 2009

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5
Yes Cindy,
There is a Federal Tax Credit, for up to $6,500, for homebuyers who purchase a home between Nov. 6, 2009 and April 30, 2010. To qualify, you must have lived in your current (or previous) home for at least 5 consecutive years out of the last 8 years. There is no requirement to sell the home you have been living in--just the requirement that you have been there for at least 5 years. The IRS has a website that has lots of info. Go to http://www.irs.gov. Good luck!
0 votes Thank Flag Link Fri Dec 11, 2009
Please confirm with your tax pro.

If you owned a home and lived in it for five consecutive out of the last eight years and now bought a new primary residence, you are entitled to the lesser of $6,500 or 10% of the purchase price of the home-regardless of whether you sold the original home or not.
0 votes Thank Flag Link Thu Dec 10, 2009
The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).

You may refer to the website for further information. Please let me know if I can assist you further.
0 votes Thank Flag Link Thu Dec 10, 2009
Yes. Up to $6,500 is available for qualified buyers who are selling there current home and purchasing a new home. You must have owned the current home for at least 5 years and the home must be less than $800,000. This is the expanded 1st time homebuyer's tax credit.
Web Reference: http://www.eathompson.com
0 votes Thank Flag Link Thu Dec 10, 2009
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