$8,000 Home Buyer Tax Credit

Do you qualify for the $8,000 First time Home Buyer Tax Credit?  Below are some basic guidelines to let you know if you qualify for the $8,000 First time Home Buyer Tax Credit.  We wrote more about it in an earlier blog post, but if you have any questions – please be sure to reach out to us.

  • 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.

Also – please feel free to call Jack Staley from CondoLoanCenter about the tax credit.

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