The Home Buyer Tax Credits

These tax credits have been extended to April 2010.  Any purchase that is in contract, not necessarily closed, by April 30^th.

For First Time Buyers:  These are people who have not owned a principal residence for 3 years.  They are credited 10% of the purchase price up to $8000.  Ownership of investment properties does not disqualify a buyer.

For Buyers Just Moving:  These buyers must have lived in their primary residence for 5 consecutive years out of the last 8 years. They are credited 10% of the purchase price up to $6500.  There is a $800,000 cap on the purchase price of the new residence.

In both Tax Credit cases, the credit is phased out for single tax payers with a modified adjusted gross income of over $125,000 and for married couples at $225,000.

Realtors by law cannot give accounting advice, so please always consult your own tax accountant.