Homebuyer Tax Credit: Is it for you?

GSIG LLC

The home-buyer tax credit is for individuals and couples who buy a home from April 8, 2008, to June 30, 2010. Homes must be under contract by April 30, 2010.
For first-time buyers, the credit amounts to 10 percent of the purchase price of the home, up to a maximum of $7,500 (or $8,000 for purchases in 2009 or 2010).

Longtime homeowners who buy a replacement home between Nov. 6, 2009, and June 30 may qualify for a credit of up to $6,500.

Homes must be in the U.S., under contract by April 30, and used as the buyer's principal residence. The purchase must close by June 30. For a newly built home, the purchase date is the first date you occupy it.
Taxpayers qualify as first-time buyers if they have not owned another principal residence at any time during the three years before the purchase.

Longtime homeowners qualify if they buy a replacement home from Nov. 6, 2009, to June 30; they must have owned and lived in the same residence for at least five consecutive years during the past eight years.

For income limits and other information, visit: http://www.irs.gov/ and search for "homebuyer tax credit."