Some people refer to the $6,500. tax credit for current homeowners as a “move up buyers” tax credit. However, while many repeat buyers are using the opportunity to get into a larger home, buyers may also be eligible to claim the tax if they purchase a smaller or less expensive home. Current homeowners looking to downsize as they become empty nesters or prepare for retirement can claim the $6,500. tax credit as long as they meet the income requirements and have lived in their home for five consecutive of the last eight years. In addition, the home they are purchasing must be $800,000. or less.
Helping Buyers, Sellers and Renters in Randolph, Twp, NJ from Jill Southren
