“How does the homebuyer tax credit work?”
Answer:
Here are the basics:
- $8000 to first time homebuyers (haven’t owned for 3 years)
- $6500 to homebuyers who aren’t first-timers
- Must buy a primary residence
- Must sign contract to buy home by 4/30/10
- Must close by 6/30/10
- Must stay in the home for 3+ years
- Applies to homes up to $800,000
- Income limits are $125,000 for a single or $225,000 for a couple. Credits are phased out over these limits
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