$8,000 First Time Home Buyer Tax Credit
$8,000 First Time Home Buyer Tax CreditAs many people are aware, there is an $8,000 first time home buyer tax credit available. That in conjunction with low interest rates and the incredible affordability of entry level homes in today's market makes it a great time to buy.General Information on the Tax Credit Program:
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…