In addition to extending the tax credit available to first-time homebuyer's the IRS has now expanded the program to existing homeowners. The qualifications are as follows:
You must have maintained the same principal residence for any 5 consecutive year period during the 8 year period ending on the date of purchasing the new home.
- The home purchase must be after November 6, 2009 and closed prior to July 1, 2010, with the home under contract by May 1, 2010.
- The purchase price cannot exceed $800,000.
- The full credit is available to singles with modified adjusted gross income up to $125,000 and $225,000 for joint filers.
- The purchaser must be at least 18 years old and cannot be a dependant.
- The credit is 10% of the purchase price up to a maximum of $6,500 ( if married filing separately limited to $3,250 ).