$8,000 First-time Home Buyer Tax Credit at a Glance
The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
The tax credit applies only to homes priced at $800,000 or less.
The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance
To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
The tax credit applies only to homes priced at $800,000 or less.
The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
*This information is provided by Sun Realty, LLC. Some properties that appear for sale on this website may subsequently have sold and may no longer be available. The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program (BR Program) of M.L.S. of Naples, Inc., the Marco Island Area Association of REALTORS® Multiple Information Service, the Bonita Springs Estero Association of Realtors® and the REALTOR® Association of Greater Fort Myers and the Beach, Inc.Properties listed with brokerage firms other than Sun Realty, Inc. includes the name of the listing brokers. For most up-to-date information, please contact Deborah Lamb, Naples Florida Realtor®. Sun Realty, LLC, 3757 Tamiami Trail Naples, FL 34103 | Gary Hicks, Broker
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*This information is provided by Sun Realty, LLC. Some properties that appear for sale on this website may subsequently have sold and may no longer be available. The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program (BR Program) of M.L.S. of Naples, Inc., the Marco Island Area Association of REALTORS® Multiple Information Service, the Bonita Springs Estero Association of Realtors® and the REALTOR® Association of Greater Fort Myers and the Beach, Inc.Properties listed with brokerage firms other than Sun Realty, Inc. includes the name of the listing brokers. For most up-to-date information, please contact Deborah Lamb, Naples Florida Realtor®. Sun Realty, LLC, 3757 Tamiami Trail Naples, FL 34103 | Gary Hicks, Broker