Home Buyer Tax Credit
click here for IRS information on how to apply for tax credit

Signed into law November 6, 2009

Home Buyer Tax Credit extended and expanded into 2010

Details of the new home buyer tax credit include:

  • 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).

  • 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).

  • Qualifying buyers must sign a purchase agreement by April 30, 2010, and close
    before July 1. Those homeowners that are looking to sell their home and purchase
    a new home to take advantage of the tax credit, should consider listing their
    current home for sale immediately. Click here for more information on selling your

  • The tax credit may not be used to purchase a home for more than $800,000. Vacation
    homes are ineligible.

  • 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.

  • You must live in the property as your primary residence for 36 months. If you move or
    no longer use it as your primary residence, you will need to repay the tax credit.

  • The credit is extended for through June 30, 2011, for members of the military serving
    outside the United States for at least 90 days.    

Further information regarding the tax credit may be found at: www.irs.gov

This information is provided for general awareness only, and is not intended for the purpose
of providing legal, accounting, tax advice or consulting of any kind. Please consult with your
tax professional for complete details.
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