$8,000 First Time Home Buyer Tax Credit
Posted by Lakes Area Realty on Tuesday, May 26th, 2009 at 1:13pm.
$8,000 First Time Home Buyer Tax Credit
$8,000 First Time Home Buyer Tax Credit
As 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 purchased on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
Source: National Association of Home Builders - http://www.federalhousingtaxcredit.com/
For terms and eligability questions relating to if you qualify or not and general questions about the program please click here for more information.
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