First-time home buyers — or people who haven't owned a home in the previous three years — could get up to $8,000. To qualify, buyers have to sign purchase agreements before May 1 and close before July 1.
Buyers who have owned their current homes at least five years would be eligible, subject to income limits, for tax credits of up to $6,500.
For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.
The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.
We can answerer basic questions about the tax credit. If you have more specific questions, we advise you to consult your tax advisor.
