$6,500 Repeat Buyer Tax Credit Details

·         Repeat homebuyers who have used their existing home as a principal residence consecutively for 5 out of the last 8 years are eligible for the tax credit up to $6,500.

·         Buyers must be in a sales contract prior to April 30, 2010.

·         Transactions must close by June 30, 2010. The deadline for closing has been extended to September 30, 2010. Buyers must have signed a sales contract prior to the original deadline of April 30, 2010.

·         Sales price must be under $800,000.

·         The full credit will be available to taxpayers with a modified adjust gross income of up to $125,000 or $225,000 for joint filers.

·         Homes you purchase from a related person are ineligible for the tax credit.  (Your spouse, ancestors, or linear descendants.)

·         New home must be used as a principal residence.

·         For qualifying purchases in 2010, you will have the option of claiming the credit on either your 2009 or 2010 return.