2010 Homebuyer Tax Credits

Still Thinking About Buying A Home?

Up to $8,000* is now available to first-time buyers.

Up to $6,500* for qualified buyers who currently own a home.

FEATURES	FIRST TIME HOMEBUYERS	CURRENT HOMEOWNERS
Amount of Credit	$8,000 ($4,000 married filing separate)	$6,500 ($3,250 married filing separate)
Eligibility	May not have an interest in a principal residence for 3 years prior	Must have used the home sold or being sold as principal residence consecutively
Termination of Credit	Purchases after April 30, 2010	Purchases after April 30, 2010
Binding Contract Rule	So long as a written binding contract to purchase is in effect on April 30, 2010 the purchaser will have until June 30, 2010 to close	So long as a written binding contract to purchase is in effect on April 30, 2010 the purchaser will have until June 30, 2010 to close
Income Limits	$125,000 - Single $225,000 - Married	$125,000 - Single $225,000 - Married
Limitation on Cost of Home Purchased	$800,000	$800,000
Additional Requirements	Purchaser must attach documentation of purchase to tax	Purchaser must attach documentation of purchase to tax return

Information courtesy of http://www.Realtor.org