To Log in or Sign Up for My Property FinderClick Here

Christine Barrett

Primary: (609) 587-9300 x1316
Send me an Email

$8,000 First-time Home Buyer Tax Credit at a Glance

  • The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.

  • 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.

  • The tax credit applies only to homes priced at $800,000 or less.

  • The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

  • For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.

  • For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

  • To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight 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 $6,500.

  • The tax credit applies only to homes priced at $800,000 or less.

  • The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.

  • Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The data relating to real estate for sale on this website comes in part from the IDX Program of Garden State Multiple Listing Service, L.L.C. and RE/MAX of New Jersey. Real estate listings held by other brokerage firms are marked as IDX listing. Information deemed reliable but not guaranteed. Copyright © 2017 Garden StateMultiple Listing Service, L.L.C. All rights reserved. This information is being provided for Consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties Consumers may be interested in purchasing

The dissemination of listings on the website does not constitute the consent required by N.J.A.C. 11.5.6.1 (n) for the advertisement of listings exclusively for sale by another broker. Any such consent must be obtained in writing from the listing broker.



© 2001-2017 Reliance Network and RE/MAX of New Jersey. All rights reserved. US Reg. Copyright TX-5-910-991, TX-5-910-992, TX-5-910-993, and TX-5-910-994.
Each RE/MAX® Office is Independently Owned and Operated. Equal Housing Opportunity.

 Site Map