Under the new housing bill, buyers who have not owned a home in the previous threes years will be eligible for a tax credit of 10 percent of the property, up to a maximum of $7,500. Here are some details:
-The credit is $3,750 for married couples filing separately and unmarried people who file jointly can divide the $7,500 credit.
-The credit is actually a loan, which home buyers must repary over 15 years at a zero percent interest rate. Payments on the loan will begin in the second year after the purchase.
-The credit only applies to homes purchased on or after April 9, 2008 and before July 1, 2009.
-High-income buyers do not qualify. The benefit begins to phase out for single filers with an adjusted income of more than $75,000 and $150,000 for joint filers. It completely cuts off at $95,000 for singles and $170,000 for couples filing jointly.