First Time Home Buyer Tax Credit and More

First time home buyer tax credit

I have seen nothing that it will be retroactive, so the “go” date is Dec 1. 2009 People buying a home for the first time in three years would receive an $8,000 tax credit if they sign a contract by April 30 2010 and close by June 30 2010.

Homeowners who are buying a new primary residence would be eligible for a $6,500 tax credit beginning Dec. 1 if they owned their home for five consecutive years in the previous eight.

The income caps are $125k for individuals and $225k for couples. Anyone who collects the tax credit but sells the home within three years of buying it must return the refund.