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The $6,500 tax credit
Question: I have a question about the recent federal tax credit for 1st time home buyer extension to cover move-up / repeat buyers.
All news and discussions talk about $6,500 for qualified move-up / repeat buyers. I moved from an old house to a new one in April. I lived in my old house for more than 5 years. Am I qualified for the credit? My realtor said yes but, when I checked the federal housing web site, it says only purchase after November 6 is qualified. I meet all qualifications except for my purchase date. Is there a date limit for the qualification??? Thanks, Joseph, Carrollton, TX
Answer: I don't like it. The $6,500 tax credit has several twists and turns, including income limits. Here is a good review of all the rules.
Anyway, to your question: The $6,500 credit applies to existing home owners "purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010). " Sorry.
About the author
Christopher Farrell is economics editor of Marketplace Money, a nationally syndicated one-hour weekly personal finance show produced by American Public Media.
Nope. After November 6 is a direct quote from several sites ( http://www.irs.gov/newsroom/article/0,,id=204671,00.html ). There has been talk of extending the credit for the last few months, and if you were that concerned about the money, you could have waited. Some houses have been bid up in excess of the $8000 credit in the last couple of months, and I was waiting for the credit to expire to see if all home prices would fall further.
Of course such talk and arbitrary eligibility periods for payouts of our nations overextended money resources just cause further price spikes and instability, rather than solving the problems. If you don't like missing out from poorly implemented government market interference, contact your elected representatives and let them know. Also let them know you'll be watching their actions and voting against them if they keep throwing away, devaluing and taxing away your money.
