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The income for a married couple must be under $225,000 or $125,000 for a single person to get the full credit. There is also a partial credit for those with incomes higher than that. The credit is 10% of the purchase price of the new home up to $6,500 for married couples and up to $3,250 for single people.
The second home must be used as your primary residence and you must have owned a home for five consecutive of the previous eight years. There is no rule about the new home being more expensive than the previous home, however, the new home must be a single family property, detached, attached (condo), or manufactured. The home must cost less than $800,000 to qualify.
To qualify you must have a contract signed with the seller between November 6, 2009, and April 30, 2010 and be closed on the new loan before June 30, 2010.
If you have further questions call us or your tax advisor.
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