The tax credit is for first-time home buyers and home owners who have been in their home for 5 years.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000 for first time buyers and $6,500 for existing home owners.
Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
