FIRST-TIME HOMEBUYERS who have not had interest in a principal residence for three years are still eligible, and the maximum amount remains the same – $8,000 (or $4,000 for married couples filing separately).
CURRENT HOMEOWNERS may be eligible to claim the homebuyer credit if they meet certain criteria and can show they owned their primary residence for a consecutive five-year period during the eight years ending on the date the new home is purchased. The long-time homeowner tax credit is up to $6,500 (or $3,250 for married couples filing separately)
Don’t wait until it’s too late to take advantage of these tax credits! Learn more at www.YourIllinoisHome.com.
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