The Federal Tax Credits Blog

Posts Tagged ‘6500 tax credit for home buyers’

Question: Must you sell your existing home by a deadline to qualify for 6500 home buyer credit?

We certainly qualify if we close on a new home before July 1, 2010. But, must we also have closed on the sale of our existing property (have owned as primary residence since 2001)? Put another way, if we close on a new home on June 15, 2010, can we get the tax credit if our existing home is still for sale on the market?
Well I wish I know any of you personally so I could judge, because I’m just as confused as before… thanks for the answers.

Answer: Not as the tax credit is written. Both sale and purchase must close on or before June 30, 2010. If your existing house is not sold, you do not qualify.

Question: Another question about the $6500 tax credit…?

One question that I have been unable to find the answer to is…
How long will you be required to maintain the new residence as your primary home after purchasing? Or is there any provision in place?

A friend that took advantage of the $8000 the 1st go round said he had to stay in his house 3yrs I think? Would like to know if I will be in the same boat if I take advantage of the new $6500 credit.

Answer: I think it is now 5 years but it still may be 3 years. Look it up at the IRS.GOV

GM looks to banks to secure line of credit

General Motors plans to file its initial public offering in mid- August, sources familiar with the situation said Friday. GM is also in talks with banks for a revolving credit line worth $5 billion, sources said.[...]

First Time Home Buyer Tax Credit Information, 6500 Tax Credit