Below are the details on the $6,500 homebuyer credit for existing homeowners.
- Must have owned your prior home for 5 years (Be ready to prove it)
- Must buy a new home and live there as a personal residence for 3 years. (Sell it too soon and you will be refunding the money)
- The credit is for 10% of the purchase price of the home, for a maximum of $6,500 (married filing joint).
- The credit is for those with an adjusted gross income below $250,000 if married/125,000 if single.
- The credit is reported on form 5405
Source
Disclaimer
The content on this blog (www.acollinscpa.blogspot.com) is my personal opinion based on my study and understanding of tax laws, policies and regulations. It’s provided for your private, noncommercial, educational and informational purposes only. It’s not a recommendation or endorsement of any company or product. It should not be relied upon as specific tax advice for your personal situation. I strongly suggest that when it comes to filing your taxes, you get additional, professional guidance from individuals who are familiar with your specific circumstances. Those who choose to rely solely upon the information on this site do so at their own risk and peril, and cannot hold the author liable in any form or fashion.
IRS CIRCULAR 230 DISCLOSURE REQUIREMENT: IRS Circular 230 requires us to notify you that any tax advice contained in this communication is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding tax penalties that may be imposed by law.
0 Response to "Homebuyers Credit for Repeat Homebuyers - Details"
Post a Comment