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Curret Tax Credits

Current Tax Credits for Home Buyers

  • $8,000 First time buyer tax credits

A first-time buyers are eligible for up to $8,000 tax credit on any home purchased after January 1, 2009.  Buyers must have an accepted offer prior to April 30, 2010 and close no later than June 30, 2010. 

A first- buyer is viewed as any person/persons that has not owned a home in the past 3 years.  There are income limits of $125,000 for single buyers and $225,000 for married buyers that are filing their taxes jointly.

A qualified buyer is eligible to receive a tax credit equal to 10% of the purchase price, up to $8,000. 

Click here for additional information on the $8,000 first-time buyer credit

  • $6,500 Repeat buyer tax credits

Any home buyer that has owned a property for at least 8 years and used it as their main residence for 5 consecutive years is eligble to qualify for this tax credit. You must have and accepted offer to purchase by April 30, 2010 and close not later than June 30,2010.   Much like the credit avaliable to first-time buyers, an income limit of $125,000 for single buyers and $225,000 for married buyers filing their taxes jointly apply. 

Buyers are able to receive funds equal to 10% of the purchase price not exceeding $6,500. 

Click here for additional information on the $6,500 repeat-buyer credit