SUMMARY OF HOMEBUYER TAX CREDIT
Effective for the period December 1 to April 30, 2010:
First Time Buyer – Amount of Credit -Up to $8,000 ($4,000 married filing separate) – 10% of the purchase price with a cap of $8,000
First Time Buyer – Eligibility – May not have had an interest in a principal residence for 3 years prior to purchase
Current Homeowner – Amount of Credit – Up to $6,500 ($3,250 married filing separate) – 10% of the purchase price with a cap of $6,500
Current Homeowner – Eligibility – Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.
Termination of Credit – Purchases after April 30, 2010
Binding Contract Rule – So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010
Income Limits – Single ($125,000) Married ($225,000) Phase out (additional $20,000)
Limitation on Cost of Home – $800,000
These reflect the changes enacted in November 2009 and are subject to changes/modifications.
