- 1). Locate the purchase price of the home. The purchase price is also known as the sales price on some real estate contracts. It will be located on the closing documents that you received when the transaction was completed.
- 2). Review your tax returns for 2009. Locate your Adjusted Gross Income (AGI), which is the income used for calculating the federal tax credit. The increased income limit for single tax payers is $125,000 and $225,000 for married taxpayers filing jointly.
- 3). Calculate your tax credit by multiplying the sales price by 10%. If the sales price was $305,000, the tax credit amount would be $8,000. However, a sales price of $75,000 would equal $7,500.
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