Homebuyers Tax Credit At A Glance

 
The $8,000 tax credit was scheduled to lapse on December 1, but will now be in effect through the end of June.  Homebuyers must sign a contract before April 30 and close by June 30.  The income limits were also raised:  Single buyers can now earn up to $125,000 and still get the full credit while a married couple can earn $225,000.

The bill also made more homeowners eligible to claim the credit on their taxes.  First-time buyers -- those who have not owned a home in the past three years -- still qualify for an $8,000 rebate.  But now people who want to trade up can also qualify.  Those who have owned and occupied a residence for at least five years out of the past eight can claim a $6,500 tax credit if they sign a contract before April 30 and close on a purchase by the end of June.  (Exclude homes with purchase prices exceeding $800,000)


 
Tax Credit Chart (PDF)

Tax Credit FAQs (PDF

 

Federal Housing Tax Credit Information  

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