$8,000 First Time Buyer Tax Credit Details

·         First time buyers or anyone who has not owned a home in the last three years are eligible for the tax credit of up to $8,000.

·         Buyers must be in a sales contract prior to April 30, 2010.

·         Transactions must close by June 30, 2010.

·         Sales price must be under $800,000.

·         The full credit will be available to taxpayers with a modified adjust gross income of up to $125,000 or $225,000 for joint filers.

·         Homes you purchase from a related person are ineligible for the tax credit.  (Your spouse, ancestors, or linear descendants.)

·         New home must be used as a principal residence.

·         For qualifying purchases in 2010, you will have the option of claiming the credit on either your 2009 or 2010 return.