The Karol Cooley Team Blog

UPDATE ON HOMEBUYER TAX CREDIT FOR 2010

ACTIVE DATES - A tax credit of up to $8,000 is available for qualified first-time homebuyers purchasing a principal residence between November 7, 2009 – April 30, 2010. (Closing a binding contract by July 1, 2010.)

ELIGIBILITY – Buyer may not have had interest in a principal residence for 3 years prior to purchase. 

AMOUNT - There is a current homeowner credit of $6,500 ($3,250 married filing separately.)

CURRENT HOMEOWNER’S ELIGIBILITY - Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.

INCOME LIMITS -  $125,000 for single and $225,000 for married. Limit set on the cost of the purchased property of $800,000.

 See link for more details….

http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf