This is the perfect time to purchase a home. It's truly a buyers market out there in the home market. There are so many great deals on homes these days. For the tax year 2010 there is a great home buyer tax credit to take advantage of. If you're a first time home buyer or have not owned a home in over three years you can receive a credit of up to $8,000.00 on your 2010 income tax return. The best part about this credit is that it applies to current homeowners too. For current home owners to qualify for this fantastic tax credit they must have lived in their current home consecutively for 5 of the past 8. If you meet these guide lines then you can receive up to a $6,500.00 tax credit. Income limits to qualify for this credit are as follows, $125,000 for singles, $225,000 for married couples. This is a wonderful way to have a Real Estate Bailout. If you're interested in taking advantage of this tax credit you must act now. This tax credit may not have any future extensions. So, qualified applicants hurry and get those contracts signed by April 30, 2010 and schedule that closing before June 30, 2010 or you may miss out on this amazing tax credit. Please view the video below if you're interested in learning more about the 2010 home buyer tax credit.