John Adams Money 99 - Repeat Buyer Tax Credit Rewards Today’s Owners

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Repeat Buyer Tax Credit Rewards Today’s Owners - 2009-11-29

If you are an existing homeowner, or even a recent homeowner, your government has a big-ticket stimulus package just for you. It's called the Repeat Buyer Tax Credit, and it's already been signed into law. In a nutshell, if you have owned your home for the last few years and now plan to buy a replacement personal residence, you may be getting a tax-free check for $6,500.

Thanks primarily to Senator Johnny Isakson, the original First Time Home Buyer Tax Credit has been extended to repeat buyers, effective just a few weeks ago. Now it applies to many "move-up" buyers who are purchasing a new or replacement house. Here are the details:

To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years. So even if you rented or lived with family for the last 35 months, you might still qualify if you owned and occupied your previous home for five years.

The tax credit is equal to 10 percent of the home’s purchase price, up to a maximum of $6,500. A quick check of the Georgia MLS website showed few livable homes for sale at less than $65,000, so you can plan on maxing out this credit.

The credit applies only to homes priced at $800,000 or less. This is a new limitation on the old credit, but will affect relatively few sales.

The credit does not have to be repaid, provided you own and occupy the purchased house for at least 36 months. If you move before that anniversary, the entire credit will be billed to your tax liability.

Even though the money is called a "tax credit," you won't have to wait until April 15th to get the money. Because it is a "refundable" credit, you can request a check as soon as the closing is complete. And under certain circumstances, your credit may be used to pay some or all of your closing costs and downpayment expenses. Check with your lender for details.

This new credit is available for new or resale homes purchased after November 6, 2009, and you must close on or before April 30, 2010. If a binding sales contract is signed by April 30, the purchase qualifies provided it is closed by June 30, 2010.

Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit. A phase-out of the credit applies to those with higher incomes.

This incentive should prove to be a powerful motivator to encourage repeat homebuyers to make their move. Low home prices, great interest rates, and a "Cash-Back" credit may provide the stimulus this market needs to sustain our slow recovery.

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Get on the bus for a tour of South DeKalb County’s “Real Estate Owned” homes. Each house you visit will be available that day for purchase at a giveaway price, regardless of current condition. Financing is available!

Throughout the day, we will hear from mortgage providers, people in the construction business and property managers all discussing today’s situation with Bank Owned REO properties.

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