30,000+ King County Residents may qualify for the new Long-time Resident Tax Credit

Many are pretty aware of the First-Time Buyer Tax Credit but there's a whole slew of other homeowners who have the opportunity to take advantage of the Triple Threat (lower home prices, lower interest rates and Free Tax Credit). Click Here to learn more. 

$6,500 Move-Up / Repeat Home Buyer Tax Credit Basics

To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
• The tax credit applies only to homes priced at $800,000 or less.
• Taxpayer must have owned primary residence for 5 of the last 8 years(
• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.