The $8000 tax credit is for first-time homebuyers only (IRS definition: not having owned a principal residence during the 3-year period prior to the purchase.

Doesn’t have to be repaid.

Equal to 10% of the home’s purchase price up to $8000.

Applies only to homes $800,000 or less.

Sales occurring on or after January 1 2009 and or before April 30 2010. If a binding sales contract is signed by April 30 2010 a home purchased completed by June 30 2010 will qualify.

For sales occurring on or after January 1 2009 and or before November 6 2009, the income limits are $75,000 for individuals and $150,000 for married couples filing jointly.

For sales occurring after November 6 2009 and on or before April 30 2010, single tax payers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

 

 

Buyers must have lived in their previous home 5 consecutive years out of the last 8.

Doesn’t have to be repaid.

Equal to 10% of the home’s purchase price up to $6500.

Applies only to homes $800,000 or less.

Sales occurring after November 6 2009 and on or before April 30 2010.

Sales occurring after November 6 2009 and or before April 30 2010. If a binding sales contract is signed by May 1 2010 a home purchased completed by July 1 2010 will qualify.

Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.