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1.5 KiB
1.5 KiB
type, category, person, date, source
| type | category | person | date | source | ||
|---|---|---|---|---|---|---|
| irs-publication | tax |
|
2010-01-01 | irs_factsheet_homebuyer_credit_2010.pdf |
IRS Fact Sheet FS-2010-6: Tax Credits for Home Buyers (January 2010)
Document Information
- Publication: FS-2010-6
- Date: January 2010
- Title: Tax Credits for Home Buyers
- Pages: 3
Content Summary
First-Time Homebuyer Credit
- Available for homes purchased in 2008, 2009, and through April 30, 2010
- Credit amount: Up to $8,000 for first-time homebuyers
- Up to $6,500 for long-time residents purchasing replacement homes
- Income phase-out limits apply
- Binding contract deadline: April 30, 2010
- Closing deadline: June 30, 2010
Key Provisions
- First-time homebuyer defined as someone who has not owned a principal residence in the 3 years prior to purchase
- Long-time resident provision: Buyers who have lived in the same home for 5 consecutive years out of the last 8
- Purchase price must not exceed $800,000
- Must be 18 or older (or married)
- Cannot be claimed as dependent
- Income limits: AGI up to $125,000 (single) / $225,000 (MFJ) for full credit
- Phase-out range: $125,000-$145,000 (single) / $225,000-$245,000 (MFJ)
Repayment Rules
- 2008 purchases: Must be repaid over 15 years (interest-free loan)
- 2009-2010 purchases: No repayment required unless home ceases to be principal residence within 3 years
- Military and other special rules apply
Notes
- This document appears to be kept for reference regarding a prior homebuyer credit claim
- Filed with 2023 tax documents