- $7500 which was then morphed into the
- Home Buyer Tax Credit -- $8000 or 10% of the purchase price (which ever was the largest) which then morphed into a
- Current Homeowner Tax Credit providing they occupied their home as a principal residence for 5 of the past 8 years?
Days and dollars gone by, right?
HEY members of OUR Military and certain other Federal Employees serving outside the United States . . .
YOU CAN STILL CLAIM THE TAX CREDIT if you buy a new home.
Here are the rules:
- Enter into a binding sales contract on a home (must be your principal residence – no investment property here) by April 30, 2011.
- Close on your home purchase by June 30, 2011.
- For married couples, both spouses do not have to be overseas to qualify for this tax credit.
- Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible
- Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.