Homes have to be purchased between November 6, 2009 and June 30, 2010 (ratified contract by April 30).
Existing home owners are now eligible if they have owned a principal residence for 5 consecutive years out of the 8 years preceding the purchase of a new home.
Ownership of vacation property or rental property does not disqualify home buyers from this program.
1.) The full $8,000 Tax Credit is for first-time-home buyers who have NOT owned a principle residence during the three-year period prior to the purchase.
2.) The maximum credit is $8,000 or 10% of the home purchase, whichever is less.
3.) The credit is available for homes purchased on or after November 6, 2009 and before June 30, 2010. However contracts must be fully ratified by April 30, 2010.
4.) Modified Adjusted Gross Income, to qualify for full tax credit please contact your tax advisor.
5.) There is no Recapture or Repayment Clause if the home is owned for at least 36 months.
6.) Current homeowners who have owned and used the same residence as a pricipal residence for any 5-consecutive year period may be eligible for a $6,500 tax credit.
7.) The full amount of the eligible tax credit is refunded to the buyer, even if it is more than what you have paid in, in taxes.
8.) Home purchase cap $800,000 (no cap in previous version)
9.) Special exemptions and extensions for military... please contact your Tax Advisor.
10.) Credit is only available to purchasers who are at least 18 years old.
11.) This version now requires that the home purchaser attach a properly executed copy of the settlement statement used to complete the purchase to the tax return.
NOTE: Please consult your tax advisor/accountant to determine whether you are eligible for this tax credit. This information should be verified by your tax professional.
