The following provides basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.
* To be eligible to claim the tax credit, buyers must have owned and lived in
their previous home for 5 consecutive years out of the last 8 years.
* The tax credit does not have to be repaid.
* The tax credit is equal to 10 percent of the home's purchase price up to a
maximum of $6,500.
* The tax credit applies only to homes priced at $800,000 or less.
* Single taxpayers with incomes up to $125,000 and married couples with
incomes up to $225,000 qualify for the full tax credit.
* 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 April 30, 2010, the home purchase qualifies
provided it is completed by June 30, 2010.
Labels: 2009, 2010, 6500, home buyer, move up, repeat, tax credit
