First Time Homebuyer Credit

Only two more months to claim the first time homebuyer or move-up buyer tax credit via your tax return. Homes must be identified before April 30 and close before June 30, 2010. Buyers are considered ‘first-time’ if they haven’t owned a home in the previous three years. Move-up buyer's (long time resident credit) must have lived in their current home five consecutive year period of the last eight years for a credit up to $6,500.

First time home buyer credit is the smaller of two amounts, 10% of home purchase price or $8,000. Purchaser must remain in the home for three years after closing to keep the credit.

For more information see Recovery Act Benefits on the IRS website or http://www.irs.gov/newsroom/article/0,,id=204671,00.html?portlet=7