Real Estate Information Archive

Effective Date

·        January 1, 2009

·        December 1, 2009

·        Close on or before
 November 30, 2009

·       Contract signed before May 1, 2010, must close before July 1, 2010

·       Members of the uniformed services, foreign services, and intelligence employees who served an extended service of 90 days will have until April 30, 2011 and June 30, 2011.

·        First-Timers: maximum of $8,000  or 10% of sales price

·        Prior Owners: $0

·        First-Timers: Unchanged

·        Prior Owners: $6,500 if lived in prior home for at least 5 years of past 8 years

Income Limit

·        Individual: $75,000

·        Couple: $150,000

·        Individual: $125,000

·        Couple: $225,000

Other   Restrictions

·       Home must be primary residence for at least 3 years. If home is sold or buyer moves before 3 years, must re-pay full amount of credit.

·       Buyer must be at least 18 years old and not classified as a dependent for tax purposes

·        Home must cost less than $800,000

·       New Home must be primary residence for at least 3 years following purchase. If home is sold or buyer moves, before 3 years, must re-pay full amount of credit. Exception for military, foreign services, or intelligence with extended 90 days service overseas.

How to claim

·       If purchased in 2009, by amending 2009 tax return or claiming on 2010 tax return

·       If purchased in 2010, by amending 2010 tax return or claiming on 2011 tax return