Here are some basics to know about the new tax credit.

  • FIRST-TIME BUYERS who have not had interest in a principal residence for three years are still eligible, and the maximum amount remains the same – $8,000 (or $4,000 for married couples filing separately). Download "Buy a Home, Get a Tax Credit" pdf.
  • LONG-TIME HOMEOWNERS may be eligible to claim the homebuyer credit if they meet certain criteria and can show they owned their primary residence for a consecutive five-year period during the eight years ending on the date the new home is purchased. The long-time homeowner tax credit is up to $6,500 (or $3,250 for married couples filing separately). Download “Now's the Time to Make a Move! Hurry to Get the $6,500 Tax Credit” pdf. Get more details from the IRS at www.IRS.gov.