Publication 530
taxmap/pubs/p530-002.htm#en_us_publink1000241725The following paragraphs summarize the first-time homebuyer credit.
For more details, see Form 5405 and its separate instructions.
taxmap/pubs/p530-002.htm#en_us_publink1000241726In general, you may be able to claim the credit if you are a
first-time homebuyer or a long-time resident of the same main home.
taxmap/pubs/p530-002.htm#en_us_publink1000241727You are considered a first-time homebuyer if you meet all of
the following requirements.
- You purchased your main home located in the United States:
- After December 31, 2009, and before May 1, 2010, or
- After April 30, 2010, and before October 1, 2010, if you
entered into a binding contract before May 1, 2010, to purchase the home before
July 1, 2010.
- You (and your spouse if married) did not own any other main
home during the 3-year period ending on the date of purchase.
- You do not meet any of the conditions listed under
Who Cannot Claim the Credit.
You are considered a long-time resident of the same main home
if you meet all of the following requirements.
- You (and your spouse if married) previously owned and used
the same main home as your main home for any 5-consecutive-year period during
the 8-year period ending on the date you purchased your new main home.
- You purchased your new main home located in the United States:
- After December 31, 2009, and before May 1, 2010, or
- After April 30, 2010, and before October 1, 2010, if you
entered into a binding contract before May 1, 2010, to purchase the home before
July 1, 2010.
- You do not meet any of the conditions listed under
Who Cannot Claim the Credit.
Members of the uniformed services or Foreign Service and employees
of the intelligence community who are on qualified official extended duty
outside the United States may have an additional year to purchase a home and
qualify for the credit.
taxmap/pubs/p530-002.htm#en_us_publink1000241730You cannot claim the credit if any of the following apply.
- The purchase price of the home is more than $800,000.
- Your modified adjusted gross income is $145,000 or more ($245,000
or more if married filing jointly).
- You cannot claim the credit for any year for which you can
be claimed as a dependent on another person's tax return.
- You (and your spouse if married) are under age 18 on the date
of purchase.
- You are a nonresident alien.
- Your home is located outside the United States.
- You sell the home, or it ceases to be your main home, before
the end of the year in which you purchased it.
- You acquired the home by gift or inheritance.
- You acquired your home from a related person.
- You acquired your home from a person related to your spouse.
Generally, the credit is the smaller of:
- $8,000 ($4,000 if married filing separately), or
- 10% of the purchase price of the home.
Generally, the credit is the smaller of:
- $6,500 ($3,250 if married filing separately), or
- 10% of the purchase price of the home.
You are allowed the full amount of the credit if your modified
adjusted gross income (MAGI) is $125,000 or less ($225,000 or less if married
filing jointly). The phase-out of the credit begins when your MAGI exceeds
$125,000 ($225,000 if married filing jointly). The credit is eliminated
completely when your MAGI reaches $145,000 ($245,000 if married filing jointly).
taxmap/pubs/p530-002.htm#en_us_publink1000242815Your modified adjusted gross income is the amount from Form 1040,
line 38, increased by the total of any:
- Exclusion of income from Puerto Rico, and
- Amount from Form 2555, Foreign Earned Income, lines 45 and
50; Form 2555-EZ, Foreign Earned Income Exclusion, line 18; and Form 4563,
Exclusion of Income for Bona Fide Residents of American Samoa, line 15.
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