To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight 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.

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.

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

For more detailed information on the move-up buyer tax credit:      http://www.federalhousingtaxcredit.com/faq2.php

I look forward to assisting you in finding your dream home..call me today 203-682-4327

Betty Stroll,ABR.GRI,CIPS,SFR

 

 
Posted by Betty Stroll on 02/11/2010 08:42 PM   Comments (0)   Tax Credit for Homebuyers in the ActiveRain Channel  
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Betty Stroll

Westport, CT

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William Raveis Real Estate

Office Phone: (203) 682-4327

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