Homebuyer Tax Credit

I'm sure most of you have heard by now that the Homebuyer Tax Credit has been extended and also improvised. The income limits have been increased from $75000 for a single to $125,000 and for a couple $150,000 to $225,000.
Also, current homebuyers are eligible if you have lived in your home for 5 of the previous 8 years. Current homebuyers are eligible for a $6500 tax credit.
  • November 09 2009 - Cullman
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Answers (2)

Profile picture for prov3v5n6
...as a current homeowner who sold a home in June 2009 and purchased a condo I thought I would qualify...but I didn't "trade up". That stinks! I wanted to sell my house and buy a condo and the condo is less expensive than my home. So, now I don't qualify????
  • November 09 2009
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It's not necessary to 'trade up' to obtain the new tax credit. However you would have to have owned the home you are living in for three years prior to November 5th 2009. Since you have not lived in your current residence for three years you are not qualified for the new tax credit.

Short answer, you bought too soon. The tax credit is not retroactive.
  • November 09 2009
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