2009-2010 Home Buyer Tax Credit-Key Points 
 

• First time home buyers maximum tax credit is $8000 or 10% of price, whichever is less
• First time home buyers must not have owned a home in the three years prior to purchase
• Long Time home owner maximum tax credit is $6500 or 10% of price, whichever is less
• Must have executed contract by April 30, 2010 and close by June 30, 2010
• 2010 Purchases may be claimed on 2009 or 2010 tax return
• Long time homeowner must have lived in same principal residence for any 5 consecutive year period during last eight year period
• Max purchase price is $800,000
• No repayment unless home ceases to be primary residence within 3 years
• Members of the military and certain other federal employees serving outside the U.S have until April 30, 2011 to execute a contract and until June 30, 2011 to close on the home.  Extended duty must be at least 90 days to qualify.
• 2010 Tax Credit phases out with income of $125,000 to $145,000 for individuals and between $225,000 and $245,000 for joint filers.  Max is $125,000 and $225,000 for max credit, reduced credit available if in the above mentioned ranges.
• Existing home does not have to be sold
• New home does not need to cost more than old home
• Cannot purchase from In-Law or Family member
• Dependant cannot take credit
• Must be 18 years old