$8,000 Tax Credit for Home Buyers
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How much is the tax credit?
The tax credit for first time home buyers would be $8,000 or 10% of the purchase price, whichever is less. |
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Who and what type of purchase would be eligible?
Similar to the $7,500 tax credit included in the Housing and Economic Recovery Act of 2008, the $8,000 tax credit included in the 2009 economic stimulus plan is available for the purchase of a principal residence by first-time homebuyers. |
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What defines a first time home buyer?
According to the Internal Revenue Service, any taxpayer who has not owned a home during the 3 years prior to the date of purchasing a home for use as their primary residence, can qualify for the credit. |
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Do I have to repay the credit?
Absolutely not! This is a change from the previous $7,500 tax credit. However, if the home is sold within three years of purchase, the credit will be reversed. |
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What are the income limitations on the tax credit?
There will be no tax credit for individuals with adjusted gross income over $75,000 ($150,000 for joint filers). |
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March 4th, 2009 at 3:41 pm
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April 17th, 2009 at 10:42 am
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May 13th, 2009 at 9:51 am
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June 10th, 2009 at 2:16 pm
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June 11th, 2009 at 4:04 pm
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July 22nd, 2009 at 2:31 pm
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August 21st, 2009 at 2:56 pm
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