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       $8000 Homebuyer Tax Credit
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Thanks to the American Recovery and Reinvestment Act of 2009, formerly known as the “stimulus bill,” first-time home buyers are eligible for a refundable tax credit of up to $8,000 this year. Here is more about what you need to know in order to take advantage.
 
Who qualifies as a first-time homebuyer? A “first-time homebuyer” is anyone who has not owned a house in the past three years.  The tax credit is intended for primary residences only.  If you don’t live in the house purchased this year for the three years following the purchase, you will have to pay the credit back to the government. This credit is intended for people who live in their own houses, not house flippers or speculators.
 
 
$8000 Homebuyer Tax Credit At A Glance:

  • Is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

  • Is available for homes purchased on or after 1/1/2009 and before 12/1/2009.

  • Does not have to be repaid.

  • Has income limits of $75,000 for single taxpayers and $150,000 for married couples.

For more information:  Click here 
 
 
 
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