What are the requirements for the home to claim the $6,500 tax credit? - Rick Raymor

What are the requirements for the home to claim the $6,500 tax credit?

What are the requirements for the home?

  • The credit is equal to 10 percent of the home purchase price, up to a limit of $6,500.
  • The purchase price is generally your down payment, if any, plus your mortgage.
  • A mortgage can be a first or second mortgage or notes you gave the seller in payment.
  • The credit does not apply to any home purchased for $800,000 or more.
  • The home can be a house, a condo, co-op, house trailer or houseboat, within the United States.
  • Vacation and rental homes are not eligible.
  • If you currently own a home, you do not have to sell it in order to qualify for the credit. Simply use the home you purchase as your principal residence.

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