The Federal Tax Credits Blog

Posts Tagged ‘6500 tax credit for repeat buyers’

Question: Do I qualify for the Repeat Home Buyers Tax Credit of $6500?

I’m in the military bought my first home in 06/2004 in GB FL (stationed there) lived on it as my primary home ’til 03/2007 then got stationed in VA, rented an apt in VA and have my house in FL rented (for less) ’til present time. Got stationed in FL again but different county in 07/2010 and bought a 2nd home (now my primary home), I closed June 29, 2010 and I was deployed for over 150 days in the gulf in 02/2009 and 07/2009. Am I exempted from the 5 years out of last 8 consecutive years residency in first home rule? Or Do I qualify for the repeat home Buyers Tax Credit???Please advise…thank you!

Answer: You bought too late, the credit expired.

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