Here in this article I will explain you that who are those people for which Tax Credits are available.
Buyers who enter into a binding contract
According to IRS, Tax Credits are available to those buyers who enter into a binding contract by April 30, 2010, and close by June 30, 2010.
First Time Home Buyers
According to IRS, Tax Credits are available to first-time home buyers. These are defined as those people who have not owned a primary residence during the three years up to the date of purchase.
Those people will have to repay the credit who have sold their new home or stop using it as their main residence within three years.
Long time Residents
According to IRS, Tax Credits are available to “longtime residents“.
These are defined as those people who have owned and used the same home as their principal or primary residence for at least five consecutive years of the eight-year period that ends on the date of purchase of a new home as a primary residence.
Those people have to repay the credit who will sell their new home or stop using it as their main residence within three years.
Couples and Individuals earning $225,000 and $125,000 a year respectively
According to IRS, Tax Credits are available to those couples whose yearly income is as much as $225,000 and to individuals whose yearly income is up to $125,000.
According to IRS, Tax Credits are not applied to homes having a purchase price of more than $800,000.
Extra Year for Armed Forces and certain federal employees
According to IRS, those people who are members of the Armed Forces and certain federal employees that serve outside the U.S. have an extra year for buying a principal residence in the U.S. and they still qualify for the credit.