“How does the homebuyer tax credit work?”
Answer:
Here are the basics:
– $8000 to first time homebuyers (haven’t owned for 3 years)
– $6500 to homebuyers who aren’t first-timers
– Must buy a primary residence
– Must sign contract to buy home by 4/30/10
– Must close by 6/30/10
– Must stay in the home for 3+ years
– Applies to homes up to $800,000
– Income limits are $125,000 for a single or $225,000 for a couple. Credits are phased out over these limits
