First Time Home Buyer Tax Credit at a Glance

FIRST TIME BUYERS Credit: Equal to 10 percent of the home's purchase price, up to $8,000 Who Qualifies?
Those who haven't owned property in the last three years
Those with income up to $225,000 for couples or $125,000 for individuals (credit phases out for people who make more than these amounts)
Must be at least 18 years of age to claim credit
Purchase price must be $800,000 or less
Deadlines:
Have until April 30, 2010, to enter into a contract for a home purchase
Have until June 30, 2010, to close on the purchase
CURRENT HOMEOWNERSCredit: Equal to 10 percent of the home's purchase price, up to $6,500 Who Qualifies?
Those who have owned and lived in their principal residence for at least five consecutive years during the past eight years
Those with income up to $225,000 for couples or $125,000 for individuals (credit phases out for people who make more than these amounts)
Must be at least 18 years of age to claim credit
Purchase price must be $800,000 or less
Deadlines:
Have until April 30, 2010, to enter into contract for a home purchase
Have until June 30, 2010, to close on the purchase

PLEASE NOTE: The tax credit does not have to be repaid provided you live in the new home for a minimum of three years. Military families are exempt from this stipulation.

Consult with a tax professional for individual eligibility and implications of the Homebuyer Tax Credit.


Source: H.R. UNEMPLOYMENT COMPENSATION EXTENSION ACT OF 2009