Welcome to the Home Buyer Tax Credit Eligibility Test, provided by HomeBuyerTaxCredit.com.
The Home Buyer Tax Credit is not just for first-time home buyers anymore. The tax credit does provide a credit of 10% of the purchase price up to $8,000 for first-time home buyers, meaning buyers who have not owned a home they lived in for three years at the time they close on their new purchase. But the Home Buyer Tax Credit also provides a tax credit of up to 10% of the purchase price up to $6,500 for “step-up” home buyers, who are long-time homeowners who have owned a home that they lived in for at least five consecutive years out the last eight.
Both the $8,000 first-time home buyer tax credit and the $6,500 long-time homeowner tax credit are available to purchasers who earn up to $125,000 for single taxpayers or $225,000 for married couples filing jointly, although taxpayers who earn within $20,000 of those income limits can obtain a partial tax credit.
But the Home Buyer Tax Credit is only available to purchasers who are in contract by April 30, 2010 and close by June 30, 2010, so your time to claim the credit is limited.
The Home Buyer Tax Credit eligibility requirements can be very complicated, so we created this online Eligibility Test to help you answer the question, “Am I eligible for the Home Buyer Tax Credit?” This simple test takes you through all those eligibility requirements, and will explain the conditions as we go through them. You’ll need to answer 10 questions to determine your basic eligibility, and then a few more questions to determine which tax credit would apply to you and whether you would be able to get a full or partial credit.
The Home Buyer Tax Credit Eligibility test is extremely thorough, and will determine your eligibility whether you are buying on your own, with a partner, or as part of a married couple. We also have anticipated situations for buyers who are in the military, buyers who are purchasing new construction, and all the other variables that can affect the eligibility requirements and restrictions.
At any time during the Eligibility Test, you can go back and change your answers, in case you make a mistake.
At the end of the Test, you’ll have the chance to get more information, including our 25-page “Special Report: Understanding the Home Buyer Tax Credit.”
The Home Buyer Tax Credit provides a tax credit of 10% of the purchase price a home up to $8,000 for first-time home buyers and $6,500 for “step-up” home buyers who are long-time homeowners. Both the first-time home buyer tax credit and the long-time homeowner tax credit are available for eligible buyers who are in contract by April 30, 2010 and closed by June 30, 2010. Please note that we have created this site to provide information only, and not to provide tax advice, and that you should not rely on the information on the site. Please discuss your tax matters with your accountant or financial advisor.
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