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Congress Enacts Bigger and Better
Home Buyer Tax Credit
A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before April 30, 2010. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.
$8,000 Home Buyer Tax Credit at a Glance
- The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
- The tax credit does not have to be repaid.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- The credit is available for homes purchased on or after January 1, 2009 and before April 30,2010.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
For more Information on the Tax credit go to: http://www.federalhousingtaxcredit.com/2009/home2.html