Stacey Lange
Windermere Real Estate NE
First-Time Home Buyer Tax Credit Explained
Enhanced Tax Credit Provides Outstanding Opportunity for Home Buyers
In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers.
But time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before November 30, 2009 are eligible.
$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 November 30, 2009.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
Additional Helpful Links and Information:
Frequently Asked Questions About the $8000 First Time Homebuyer Tax Credit
Video Interview: Tax Economist Answers Questions About the Home Buyer Credit
Rob Dietz, Ph.D., director of tax issues for the National Association of Home Builders, discusses the $8,000 first-time home buyer tax credit in this videotaped interview.
Rob Dietz, Ph.D., director of tax issues for the National Association of Home Builders, discusses the $8,000 first-time home buyer tax credit in this videotaped interview.
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