DEADLINE: April 30th, 2010 Extended $8,000 tax credit is now extended for first-time home buyers. If you have not owned a home in the past 3 years you are considered a first time home buyer. Credit is up to a maximum of $8,000 or 10% of the purchase price. Income levels have increased from $75,000 to $125,000 for single taxpayers and from $150,000 to $225,000 for married taxpayers. Purchase price of homes must be $800,000 or less. Must be your primary residence and must live there for at least 3 years. If you move or sale before the 3 years you will have to repay the credit. As long as you have a binding sales contract signed by April 30th, 2010 and close by June 30th, 2010, you will qualify for the credit.
Expanded
$6,500 Tax Credit for Homeowners
Lived and owned previous home for 5 out of 8 last years. Maximum of $6500 or 10% of the purchase price. Must live in the home as primary residence for next 3 years. If you move or sale within the 3 years you will have to repay tax credit. Purchase price of home must be $800,000 or less. Signed sales contract by April 30th, 2010 and close by June 30th, 2010 you qualify. Income levels of $125,000 for single tax payers and $225,000 for married tax payers.
