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First-Time & Repeat

Home Buyer Tax Credit

EXPANDED & EXTENDED!

Take the MONEY! YOU Deserve It!

According to The American Recovery and Reinvestment Act of 2009 and the 2010 Tax Credit Extension signed November 9th 2009: 

• The credit does not have to be repaid.
• The Credit is equal to a maximum of $8,000.
• The Credit is for First-Time Home Buyers and Repeat Buyers. The IRS defines a first-time home buyer as someone who has not owned a principal residence in the last three years.
• Existing homeowners who have been residing in their principal residence for 5 consecutive years out of the last 8 and are purchasing a home to be their principal residence (“repeat buyer”), may be eligible for up to a $6,500 tax credit.
• Homebuyers who file as single or head-of-household taxpayers can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified adjusted gross income (MAGI) is less than $125,000.
  -For married couples filing a joint return, the combined income limit is $225,000.
  -Single or head-of-household taxpayers who earn between $125,000 and $145,000, married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.
  
• Currently, the credit is only available for homes purchased on or before April 30, 2010.
• Frequently Asked Questions