An $8,000 tax credit is available for first-time home buyers (those who have not purchased a home within the last three years) and a credit of $6,500 is also for homeowners who have lived in the home they are selling, or have sold, as a principal residence for five consecutive years in the past eight.
These credits are available to buyers with incomes below $125,000 for singles and $225,000 for married couples. Homes valued at more than $800,000 are not eligible.
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