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$8,000 Tax Credit
The American Recovery and Reinvestment Act authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or before April 30, 2010.

Who is eligible to claim the tax credit?
First-time home buyers purchasing any kind of home - new or resale - are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur before April 30, 2010 and they must be moved in before June 30, 2010. For the purposes of the tax credit the purchase date is the date when closing occurs and the title to the property transfers to the home owner.

What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

$6,500 Tax Credit
This tax credit is for qualified buyers who have owned a home for 5 years and have sold it to purchase a new home.

This is basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.