Details of the homebuyer tax credit include:
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First-time buyers who have not had interest in a principal residence for three years are still eligible, and the maximum amount remains the same - $8,000 (or $4,000 for married couples filing separately).
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Current homeowners, who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years, are also eligible. However, the maximum amount for those homeowners is lower: $6,500 (or $3,250 for married couples filing separately).
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Qualifying buyers must sign a purchase agreement by April 30, 2010, and close before July 1.
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The tax credit may not be used to purchase a home for more than $800,000. Vacation homes are ineligible.
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The income limits to earn the maximum for both tax credits have been raised to $125,000 for single buyers and $225,000 for married couples. * All buyers who want to get the credit must include documentation of the purchase on their tax returns.
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The credit is extended for through May 1, 2011, for members of the military serving outside the United States for at least 90 days.
Contact your REALTOR® or tax preparer for more information.
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