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HURRY! buyer tax credit end at midnight on April 30, 2010.

Who can use the homebuyer tax credit?

First-time buyers and long-time homeownerswho buy a replacement principal residence.(The law defines a first-time buyer as an individual who has not owned a home in the three years prior to the day of purchase. According to the IRS, the longtime
homeowner must have lived in the same principal residence for any 8ve consecutive-year period during the eight-year period that ended on the date the replacement home is purchased.)

How much is the credit?

For first-time buyers the credit is equal to 10 percent of the cost of the home up to a maximum of $8,000 (or $4,000 for a married individual 8ling separately). For longterm homeowners, the credit is equal to 10 percent of the purchase price up to $6,500 =(or $3,250 for a married individual filing separately).

What is the deadline for using the tax credit?

Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before
April 30, 2010 and close on the home by June 30, 2010.

What is the deadline for military service members?

The credit is extended through May 1,2011, for members of the military serving outside the United States for at least 90 days.