$6500 Move-Up Tax Credit for Home Owners of Five Years or More; Bill Passed Soon

Posted on | November 5, 2009 | 10 Comments

A $6500 move up tax credit for home owners of five years or more is currently being passed along with the extension of the first time home buyers tax credit extension. The $6500 is available to home owners who plan to “move up” and have been in their current residence for five years or more. The expansion of the tax credit could go a long way to get move-up buyers interested in the overall housing market again.

There is little doubt that the first time home buyers tax credit has gone a long way to stablize the current housing market. For the last four months we have seen home prices increase and there is a renewed interest in the housing market with free money sitting on the table. Now that the free money is available to move up buyers will this assist the housing market even more? There is a good chance of this but only time will tell.

As state earlier this morning on Subprime Blogger, “For the first time home buyer tax credit there is an $800,000 maximum for the purchase price of the home, and 2 income caps which have been set. First, if the couple makes a joint income of $225,000 or higher they will not be eligible for the first time buyer credit, and if an individual makes an income of $125,000 or higher they will not be eligible for the credit. This bill is said to be one in a series of bills which the democrats are proposing in order to boost the economy, and hopefully end the current recession.”

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Author: Jesse Wojdylo

Category: Current News

Comments

10 Responses to “$6500 Move-Up Tax Credit for Home Owners of Five Years or More; Bill Passed Soon”

John
November 5th, 2009 @ 1:13 pm

Instead of 5 years, why not anybody that owns a home or anybody that has owned and lived in a home for 2 years. It would make alot more people eligible, including me and what would it hurt? I just don’t understand where they came up with that figure of 5 years?
hoos30
November 5th, 2009 @ 1:40 pm

Five years’ ownership is required to prevent this from becoming the house flipper’s bill.
Santana
November 5th, 2009 @ 2:55 pm

Hello,

We owned a house from 2003-08, sold it in 08 and lived in an apartment for nearly a year and bought a house in 09. Do you know if we’ll be eligible for the $6,500 credit?

Thanks in advance.
lashon
November 5th, 2009 @ 4:31 pm

It just doesn’t seem fair to the people who have worked hard all these years. I mean if you already owned a home before you don’t qualify? That’s not fair. I’ve only been in my home for 3 years and I could certainly use a handout during these tough times myself. Wish someone would help those who help themselves.
Kelly
November 5th, 2009 @ 6:18 pm

I owned and lived in the same home from 1998 to 2008. In 2008 I got a divorce and have been renting since then. Now I am looking to purchase a single family home or a townhome. I’m obviously not a “first-time” homebuyer so I wouldn’t qualify for the $8000 tax credit. But would I qualify for the $6500 tax credit since I owned in the past and I owned for 5 years out of the last 8 years. But here is the hitch, I don’t currently own. Can anyone provide the link to the bill itself so I can read it first hand. I’m not finding it online.
Paula Jones
November 5th, 2009 @ 6:21 pm

I will have been a homeowner for 5 years in 09/2010, will I be eligible for the $6,500 credit?
Thanks
Linda Judd
November 6th, 2009 @ 5:53 am

I owned my home from 1992-2008. We bought a new home in 2008. Are we still elegible for this credit??
jamie
November 6th, 2009 @ 12:42 pm

Do you know if this tax credit is good for land purchases as well?
theresa
November 9th, 2009 @ 11:12 am

We owned a home from 2003-2009 (meeting the 5year requirement) and just purchased a new home in March of 2009. Do we qualify for the $6500 tax credit?
john
January 14th, 2010 @ 2:58 pm

i thought this was for people to make their homes more energy efficient. to put money into the economy. WTF?