The home buyer tax credit works for ten percent of the purchase price of a buyer's primary residence (up to $8k for first-time buyers and $6.5k for repeat purchasers). A first time home buyer is someone who has not owned a home in the prior three years. Repeat buyers have to own their home for at least five years. This credit does not apply for a house costing more than $800k.
In order to take advantage of this credit, a home buyer must sign agreements by April 30, 2010 and must close by June 30th.
The income limit for this tax credit is $125k for a single filer, and $225k for a joint tax filer. There is a reduced tax credit for a single filer $145k and a joint filer $245k.
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