July 14, 2024

First-time homebuyers … You still have time!

  • First-time homebuyers have to sign a purchase agreement by April 30, 2010, and close by June 30, 2010.
  • The income limit for claiming the full tax credit for single taxpayers is %125,000 and $225,000 for married taxpayers filing a joint return. The tax credit does not have to be repaid.
  • Homes purchased for up to $800,000 are eligible.
  • A first-time buyer is defined as a buyer who has not owner a principal resident during the three-year period prior to the purchase. For married taxpayers, this includes the home ownership history of both spouses.

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