: Their joint modified adjusted gross income (MAGI) had to be below $225,000 to receive the full credit. The Benefit and the Paperwork
Here is a look at how this credit worked through a typical scenario of the time. The "Step-Up" Story: Meeting the Deadlines long time homebuyer credit 2010
In 2010, the U.S. housing market was still reeling from the 2008 recession, with home prices plummeting at nearly 20% annually. To combat this, the introduced a unique "long-time homebuyer credit" to incentivize existing homeowners to move. : Their joint modified adjusted gross income (MAGI)
: The credit was only available for homes priced under $800,000 . long time homebuyer credit 2010