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$8,000 First-time Home Buyer Tax Credit at a
Glance
Homebuyers Tax
Credit Comparison Chart ending April 30, 2010 (published
by the National Association of REALTORS®)
PDF format
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The $8,000 tax credit is for first-time home buyers only. For the
tax credit program, the IRS defines a first-time
home buyer as someone who has not owned a
principal residence during the three-year period
prior to the purchase.
·
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 $8,000.
·
The tax credit applies only to homes priced at $800,000 or less.
·
The tax credit now applies to sales occurring on or after January
1, 2009 and on or before April 30, 2010.
However, in cases where a binding sales contract
is signed by April 30, 2010, a home purchase
completed by June 30, 2010 will qualify.
·
For homes purchased on or after January 1, 2009 and on or before
November 6, 2009, the income limits are $75,000
for single taxpayers and $150,000 for married
couples filing jointly.
·
For homes purchased after November 6, 2009 and on or before April
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.
The
$6,500 Move-Up / Repeat Home Buyer Tax Credit at
a Glance
·
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. |
