Details on the Homebuyer Tax Credit for Repeat Buyers
Posted by: Greg Fischer Post date: November 11th, 2009Until recently, if you were buying a new home in NH, but you aren’t a first time buyer, there was no tax credit coming to you. The $8000 credit you’ve been hearing about is for first timers only.
But under the revised and expanded rules, if you’re a move up – or just a repeat – buyer, you may now qualify for some tax credit goodness come April after all.
Of course there are rules, but here is the news you’ve been waiting for:
Who is eligible to claim the $6,500 tax credit?
Qualified move-up or repeat home buyers purchasing any kind of home are eligible to claim this credit.
What is the definition of a move-up or repeat home buyer?
The law defines a tax credit qualified move-up home buyer (“long-time resident”) as a home owner who has owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit.
The deadline for qualifying is the same for you as it now is for the first time buyers: must be under contract by April 30, 2010, and closed on your new home before June 30, 2010.
