Old House New House Living

• The tax credit is available for first-time homebuyers only.

• The tax credit is for 10% of the purchase price up to a maximum amount of $8,000.

• The credit is available for homes purchased Jan. 1, 2009 - Dec. 1, 2009 in the U.S. by a U.S. citizen.*

• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. Partial credit is available to single taxpayers with incomes up to $95,000 and married couples with incomes up to $175,000.

• The tax credit does not need to be paid back to the government unless the property is sold within three years, at which point the entire amount of the credit will be recaptured.