$6500 Move-Up Home Buyer Tax Credit

Eligible buyers must have owned and lived in their previous home for five consecutive
years out of the last eight.
The tax credit does NOT need to be repaid.
The credit is equal to 10% of the purchase price up to $6500 though it applies to homes
priced up to $800,000.
The credit applies for homes purchased after November 6, 2009 and on or before April
30, 2010. A binding sales contract by April 30, 2010 will also qualify if the sale is closed
by June 30, 2010.
Income limitations: single taxpayers withincome up to $125,000 and married couples
with incomes up to $255,000 qualify for the full credit.

$8000 First-Time Home Buyer Tax Credit

First- time buyers only. IRS definition is someone who has not owned a primary residence
during the 3 years prior to the qualifying purchase.
The tax credit does NOT need to be repaid.
The credit amount is equal to 10% of the purchase price, and applies only to homes
priced at or less than $800,000.
The credit has been extended to cover home purchases between Jan 1, 2009 and April
30, 2010. Binding sales agreements to purchase must be in place by April 30, 2010 with
closing no later than June 30, 2010 to qualify.
Single taxpayers with incomes up to $125K and married couples with income up to
$225K qualify for the full tax credit.