Move-Up/Repeat Home Buyer Tax credit of $6,500 in Irvine.

by Robert Mack on January 14, 2010

in Irvine Real Estate

If you have been following my recent blog posts, I have been ranting and raving about why it is such a good time to buy a home, especially for the move up buyer in Irvine, Orange County, looking to sell their current home and upgrade to the home they have always wanted (but couldn’t afford). 

In addition to prices being more affordable, now there is a great tax incentive that is available for the move up/repeat buyer to take advantage of.  A $6,500 tax credit, which is similar to the first time home buyer tax credit of $8,000, this tax credit is intended for those home owners who are ready to UPGRADE!

Some basics of this tax credit are quite simple 

  1. Any kind of home qualifies for the tax credit (up to $800,000)
  2. A move up buyer is defined as a “long term resident”, or one who has resided in the same home for at least 5 consecutive years of the 8 years prior to the purchase date
  3. Income limitations are $125,000 for single tax payers and $225,000 for married tax payers filing a joint return.  Tax credit can be adjusted for buyers over these specified limits

Read the full Article – Federal Housing Tax Credit: Frequently asked Questions regarding the $6,500 Move up tax credit!

Also CLICK HERE, to view the $8,000 & $6,500 tax credit sheet AT A GLANCE (less detailed version)

Please keep in mind that I am not a licensed CPA, so please consult your licensed CPA for more information on how you can take advantage of the Move up tax credit.

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Post by Robert Mack

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{ 4 comments… read them below or add one }

Ashlee in Fort Worth January 15, 2010 at 2:55 am

I must admit that I have been using the tax credit to get buyers to jump off the fence. They are getting free money to buy a home. What more can you ask for!

Real Estate City January 18, 2010 at 7:02 am

Many people especially first time buyers don’t understand the tax credit system when buying real estate, this is great information put in simple terms, thanks.

Tim Harris January 25, 2010 at 1:03 am

I love the tone of your posts here. They are accessible, informative, but nicely personalized. This is exactly the type of writing I try to help my clients achieve in my real estate coaching business. Thanks.

robertmack January 27, 2010 at 12:34 am

Thank you so much for taking the time to read and your input! It means a lot!

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