2009 2010 HOMEBUYER TAX CREDITS

I’ve been getting a lot of questions lately about the homebuyer credits. Here’s the rundown…

There’s an $8000 credit for first time homebuyers (haven’t had ownership interest in a home in the last three years) and a $6500 credit for repeat home buyers (owned and resided in your home at least five consecutive years out of the last eight years) if you’re in a binding sales contract by April 30, 2010. You don’t need to sell your first home in order to qualify.

Here are the limitations:

Homes priced above 800K are not eligible.

You can’t make over 75K if you’re an individual or 150K if you’re filing jointly.

You can’t buy from a relative.

If you want more info, check out http://www.federalhousingtaxcredit.com