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.

$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 purchase price can include closing costs, legal fees, and recording fees.

The credit is available for homes purchased and closed 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.

The credit applies to any single family residence that will be used as a principal residence.

This tax credit is refundable for the year of the purchase. This means that even if you have no tax liability you still get the credit in the form of a refund check.
 

As with any matter concerning your income taxes you should always consult your accountant or your tax attorney.

The First Time HomeBuyer Credit is a great deal for those looking to buy a home in 2009. Home prices are low, interest rates are low, and now you get $8000!

Click here for more information about the $8,000 Home Buyer Tax Credit.
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