The first-time homebuyer tax credit has now been extended to certain homebuyers without regard to first-time buyer status. A summary of the credit requirements for both types of buyers follows.
Current/Move-Up Homeowners
1. Eligible for tax credit up to $6,500 on purchase of primary residence under $800,000
2. Must sign purchase agreement between November 6, 2009 and April 30, 2010 and close by June 30, 2010
3. Must have lived in current home as principal residence for five consecutive years
4. Maximum income is $125,000 for individuals, $150,000 for couples
5. Credit must be repaid if buyers sell within three years
First-time homebuyers
1. Eligible for tax credit up to $8,000 on purchase of primary residence under $800,000
2. Anyone who has not owned a home within three years is considered a “first-time buyer”
3. Must sign purchase agreement between November 6, 2009 and April 30, 2010 and close by June 30, 2010
4. Maximum income is $125,000 for individuals, $150,000 for couples
5. Credit must be repaid if the buyers sell within three years
