If you???ve been in your existing home 5 or more years, the government???s potentially giving you 6,500 reasons to move

Submitted by Brian Yui on January 6, 2010 - 6:01am

If you have lived in your current primary residence at least five of the last eight years, you may qualify for homebuyer tax credit up to $6,500.?? To qualify, you must purchase a home between 11/7/09 ??? 4/30/10.?? You can close escrow as late as 6/30/10, but you must be in a home purchase contract dated no later than 4/30/10.?? The home purchase price cannot be over $800,000 and income restrictions do apply.?? For those filing jointly, to receive the entire $6,500 credit, you must have a modified adjusted gross income of $225,000 or less ($125,000 for individuals).?? The credit starts phasing out between $225,001 and $244,999 until it disappears at $245,000 ($145,000 for individuals).?? Additional requirements are that the buyer needs to be 18 years or older and buyer must provide the IRS a copy of buyer???s settlement statement (HUD-1 Statement) showing proof of the purchase.