First time home buyers can receive up to an $8,000 tax credit for homes bought after 2008.  You can also claim the credit for a home you purchase before May 1, 2010 on your 2009 return. 

Long-term home owners may be eligible for a credit of up to $6,500, if you purchase a new residence between November 6, 2009 and May 1, 2010 if you (and your spouse) owned and used your home as your primary residence for any period of 5 consecutive years during the 8-year period immediately preceding your purchase of your new residence. 

 You must repay any credit you received in prior years for a home that ceased to be your primary residence in 2009.  You may have to repay any Home Buyer credits you receive on any home that ceases to be your primary residence within 36 months of the date you purchase the home.

This entry was posted on Saturday, January 30th, 2010 at 11:47 am and is filed under Credits, Home. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.