November 6, 2009

Is The $6,500 Homebuyer Tax Credit Retroactive for Existing Non-First Time Home Buyers?

A question looming large on the minds of a lot of many people is whether the $6,500 homebuyer tax creditwill be retroactive or not. Meaning, if you purchased your home beforethe inception of the tax credits, are you eligible for a credit?

Unless Congress has a sweeping change of heart, to the discouragement of many American home owners the answer is NO. The wording in the bill goes like this, “shall apply to residences purchased after the date of the enactment of this Act.” According to the bill the credit is being expanded to include a $6,500 tax credit to non-first time home buyers who purchase after the bill is signed.


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