$6,500 Tax Credit

Everyone knows about the $8,000 tax credit for first-time Escondido home buyers, but what is the $6,500 tax credit?  The $6,500 tax credit is for current Escondido home owners.   The purchase must be a new primary residence.  To be eligible you must purchase your Escondido home between November 6, 2009 and April 30, 2010.  Your Escondido home purchase must be  closed by June30, 2010.   To be eligible for the $6,500 credit, the buyer must have lived in their current primary residence for five consecutive years out of the last eight years.  There is a limit on the purchase price of the Escondido home and that is $800,000.  There is also a maximum amount you can earn and still be elgible.  That maximum amount is $$125,000 if you are a single filer and $225,000 for Escondido buyers filing jointly.  A partial tax credit can be granted to single filers earning up to $145,000.   Escondido buyers filing jointly can earn up to $245,000.  In summary, there is a first-time home buyer tax credit of $8,000 and a $6,500 tax credit for current homeowners.

For more information about tax credits contact your Escondido Realtor, contact Gary Harmon.


  1. […] of the first-time home buyer tax credit.  Current owners of Escondido real estate are aware of the $6,500 tax credit.  But are these real credits or are they tax deductions.  They are real credits.  The importance […]