The $8,000 Homebuyer Tax Credit at a glance
Existing homeowners and first-time homebuyers can qualify!
~ The new version of the federal tax credit is the best yet! It’s available for first-time homebuyers, people who have not owned a primary home within the past three years, and current homeowners who have lived in their home for at least five consecutive years of the past eight.
~ The value of the home being purchased must not exceed $800,000.
~ Homebuyers get a tax credit for 10 percent of the home value, with a maximum credit of $8,000 for first-time buyers and $6,500 for existing homeowners.
~ Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit. (Lesser credits are available for qualified people whose incomes exceed these amounts.)
~ The buyer must sign a home purchasing contract by April 30, 2010 and close on the home by July 1, 2010.
~ Members of the military who served more than 90 days outside the U.S. have an extended deadline of 2011 to buy their home.
~ The tax credit does not have to be repaid.
For full details visit www.federalhousingtaxcredit.com.
