CONFUSED - Congress set to expand homebuyer tax credit $6,500?

abcnews ... "Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30." I purchased my home in September 2006 (3 years ago). The $8,000 First-Time Homebuyer Credit - applies to purchases that close after April 8, 2008, and before Dec. 1, 2009. I DIDN'T QUALIFY. The $7,500 credit applies to a principal residence purchased by the taxpayer after April 8, 2008, and on or before December 31, 2008. Homebuyers who qualify are allowed a one-time credit against their income tax for the year of purchase. This one must be repaid over a 15-year period. I DIDN'T QUALIFY. I ALSO DON'T QUALIFY FOR THE $6,500 TAX CREDIT BECAUSE I HAVEN'T OWNED MY HOME FOR 5 YEARS. AM I CORRECT? WHERE CAN I FIND MORE INFO ON THE $6,500 HOMEBUYER TAX CREDIT. Do you need to own your current home for 5 years to qualify for the $6,500 tax credit?

3 weeks ago - 4 answers