First-time home buyers – 10% of the
purchase price up to $8,000
This tax credit is available to buyers who have
not owned a principal residence during the prior
three year period, and enter into a contract to
purchase a new primary residence on or before
April 30, 2010.
Current home owners – 10% of the
purchase price up to $6,500
This tax credit is available to current home
owners who have lived in their principal residence
for at least five consecutive years during the past
eight years, and enter into a contract to purchase
a new primary residence on or before April 30, 2010.
What is a Homebuyer Tax Credit?*
It is a reduction in what a taxpayer owes in income
taxes. To qualify, the homebuyer must meet the
annual income requirements and enter into a binding
contract for a home purchase between November 7,
2009 and April 30, 2010, and close on the purchase
by June 30, 2010.
What are the income requirements?
For single tax payers, the income limit is $125,000
for married taxpayers filing a joint return, the limit is
$225,000. Consult your tax professional to determine
your eligibility.