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"Move Up" Home-buyer Tax Credit

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In addition to the tax credit for first-time home buyers, US Government has also implemented a $6,500 tax credit for "move up" home buyers.

Here are some of the "move up" home buyer tax credit details:


  • Some existing homeowners are eligible for the $6,500 "move up" tax credit
  • Purchase agreements must be signed by home buyers by April 30, 2010
  • Closing on the new home must be completed no later than June 30, 2010
  • Eligibility requirements for "move up" home buyers include having lived in the existing home for a minimum five consecutive years within the past 8 years
  • "Move up" home buyers must live in the home for at least three years. If the borrowers sell the home, move or leave the home for any other reason within the three-year limit, the tax credit must be repaid
  • Property must be a primary residence (including single-family homes, condos, townhouses and co-ops
  • "Move up" home buyers with an income of $125,000 (filing individually) or $225,000 (filing jointly) are eligible
  • Purchase price of new home cannot exceed $800,000
  • "Move up" home buyer tax credit does not have to be repaid
  • Active members of the military who are deployed outside of the U.S. for 90 days or more have until April 30, 2011 to take advantage of the "move up" home buyer tax credit

Go back to first time home buyer's section read more.

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