Despite the doors it can open for first-time buyers, many consumers still don’t know about the $8,000 tax credit. The first-time home buyer tax credit, which Congress in February increased to $8,000 from $7,500 and eliminated the repayment requirement, is an incentive you’d expect consumers to be clamoring about. But many buyers who are prime candidates for the credit aren’t even aware of it! A tax credit of up to $8,000 is available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Frequently Asked Questions About the Home Buyer Tax Credit are at the following link; http://www.federalhousingtaxcredit.com/2009/faq.php
$8,000 Home Buyer Tax Credit at a Glance
American Recovery and Reinvestment Act of 2009.
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.
First-Time Homebuyer Credit
Expanded Tax Break Available for 2009 First-Time Homebuyers