Home Tax Credit

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Originally Posted by CloneIce

I think its so people with a lot of money who are out flipping houses don't do it just for the tax credit.

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I don't think a lot of people who have bought a house in the last 5 years are "flipping" to make money at this point.

If you’re an existing homeowner, you qualify for the new tax credit of up to $6,500 if you have lived in your current residence for five years or more out of the previous eight years and purchase a home or sign a sales contract for one from Nov. 7 to the end of April of next year.

The tax credit, as I understand it, is $6500 for people who have been in their current home for at least five year and then buy a new home. It is basically a credit for trading up.
House votes to extend jobless benefits, expand home buyers' tax credit - washingtonpost.com