|
First-time Homebuyer Tax Credit
Housing Stimulus Bill Synopsis
Information from National Association of REALTORS
Effective for purchases before April 30, 2010. Must close by July 1, 2010
| Credit Amount |
Lesser of 10 percent of cost of home or maximum credit of $8,000 |
| Eligible Property |
Any single family residence including condos and townhouses that will be used as a principal residence. |
| Refundable |
Reduces or can eliminate income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser. |
| Income Limit |
Income limits do apply. Ask your Realtor for information. |
| First-time Homebuyer |
Yes. Purchaser and purchaser's spouse may not have owned a principal residence in 3 years previous to purchase. |
| Existing Homebuyer |
A $6,500 tax credit is available for homeowners who purchase a new home provided they have lived in their current home for 5 years. Income limits apply. |
|
