 |
In order to receive the credit you must have a home under contract before April 30, 2010 and it must close before July 1, 2010. The credit is equal to 10% of the home purchase price up to a maximum of $8,000. The maximum home price is $800,000. The income limit is $125,000 for a single individual and $225,000 for a married couple. There is a phase-out provision for $20,000 above those amounts. The National Association of Home Builders has an explanation and FAQS on their website: www.federalhousingtaxcredit.com. There also is a tax credit for buyers who currently own a home. This is explaned on that site as well.
|