$8000 Tax Credit
RECEIVE A $8000.00 CHECK IN 2011
WHEN YOU BUY A HOME IN 2010
The highlights of this federal tax credit are as follows:
Buyers who have owned their current homes at least five years would be eligible, subject to income limits, for tax credits of up to $6,500.
First-time homebuyers -- or people who haven't owned homes in the previous three years -- could get up to $8,000.
To qualify, buyers have to sign purchase agreements before May 1 and close before July 1 of next year.
The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and joint filers with incomes above $225,000.
