The tax credit is not a total of $6,500. it cannot exceed 10% of the purchase price, same as the 1st time buyer for the $8,500. I read up
on it in a goverment site. I guess they do not tell you everything
Quote:
Originally Posted by RVRoadie
Looks like this is going to become law soon.
If you have owned a home for the past five years and purchase a new one after the law goes into effect, you will be eligible for a $6,500 tax credit. Only bad new is that it will not be retroactive.
Here are some of the details reported in a newspaper:
The $6,500 home buyer tax credit applies only to people who have previously owned their homes for at least 5 years and are planning to purchase a new home by or before April 30, 2010. For those who previously owned a home and purchased another one this year, the tax credit will not apply. It won’t start until the bill is signed, and it is not retroactive. So if you closed on that new home today…sorry, you’re not getting anything from the government except the standard IRS refund based on your mortgage payments and property taxes.
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