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Question about Home Buyer tax credit answers


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Carolyn Muha
Realty Executives e-Group
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Tax Credit to Buyers Info

As a result of a special legislation to re-energize the housing market, Congress has extended the First-Time Homebuyer $8,000 tax credit and added a repeat buyer tax credit of up to $6,500.* To be eligible:

  • Buyer must sign binding contract by 4/30/10 and close by 6/30/10
  • Raises the income limits for homes purchased after 11/6/09
    • Increased from $75,000 to $125,000 for individuals
    • Increased from $150,000 to $225,000 for joint
  • The tax credit applies only to homes priced at $800,000 or less

The First-Time Homebuyer Credit Highlights

  • The $8,000 tax credit is for first-time homebuyers only. For the tax credit program, the IRS defines a first-time homebuyer as someone who has not owned a principal residence during the three-year period prior to the purchase

Info on
Extended/Revised New Buyer Tax Credit for Buyers until April 30, 2010

Frequently ASked Questions Home Buyer Tax Credit Changes





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Carolyn Muha
Realty Executives e-Group
8152 25 Mile Unit G
Shelby Township, MI 48316

DIRECT: (586) 822-7979
Office: (586) 677-5000 ext 207
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