buysellnowchicago.com

Marie Sweatt Realty
P.O. Box 19637
Chicago, IL  60619 

Phone & Fax
877-757-5084

• The temporary credit is an incentive for 1st time buyers to purchase a home
• The credit is equal to 10 percent of the cost of the home=max credit of $8000
• 1st time buyers must purchase before April 30, 2010
• A person qualifies as a 1st time homebuyer if the individual and his/her spouse if married-has not owned a home in the three years prior to the day of purchase
• Single Family homes (condos,co-ops & townhomes) that will be used for primary residence are eligible.
• Individuals with an adjusted gross income up to $75,000 (or $150,000 if filing jointly) are eligible for the full tax credit.
• Not available for those with an income above $95,000 (or $170,000 if filing jointly)
• Buyer's claim the credit on their federal tax return to reduce their tax liability
• If the credit is more than their total tax liability that year, the buyer gets a refund check for the balance
• As long as the buyer stays in the home for 3 years, they don't have to repay