U.S. Home Tax Credit
Moving Up to a New Home
Many people have heard about the $8,000 tax credit for first-time home buyers but there is another tax credit for current home owners. If you have lived in your primary home in the past five of eight years, you may be eligible for a $6,500 tax credit when you move to a new home.
To be effective for the $6,500 tax credit, you must sign a contract between November 6, 2009 to September 30, 2010. Then close the deal by June 30, 2010. Your qualifying income must not be more than $125,000 for single or $225,000 for married tax status. Also, the new home cannot be more than $800,000.