The $8,000 tax credit is for first-time home buyers only.
The tax credit now applies to sales occurring on or after January 1, 2009 and or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
For homes purchased after November 6, 2009 and on or before April 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.
Repeat Home Buyer 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 is equal to 10 percent of the home's purchase price up to a maximum of $6,500.
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 May 1, 2010, the home purchase qualifies provided it is completed prior to July 1, 2010.
Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The above is for informal informational purposes only to be reviewed as an outline and is not meant to imply quarantees of any kind or replace professional consulting. Interested parties should consult their tax advisor for details and specific guidelines.
