I was trying to figure out what I need to do to be eligible for the 1st time home buyer tax credit?

ANSWER

The BIDaWIZ Team's Answer:

The credit is via IRC 36, of the "homebuyer credit.

The purchase must be made by either 5/1/10; 7/1/10;

or 10/1/10; depending on the date in which the purchase

contract is signed. The credit phases out if your adjusted gross income

exceeds $145K, or $170K, if you are married; filing jointly. The

credit is 10% of the purchase price; not to exceed $8K.

There is also a 2nd available credit, for purchases made after 11/6/09.

The residence must be located in the U.S. The purchase must be

from an un-related third party. The taxpayer may not have owned a principal

residence during the three year period before the purchase that you wish

to apply for the credit.