$8,000 Tax Credit
Tax Credit Program - First-Time Buyers
American Recovery and Reinvestment Act 2009
| Who benefits? |
First-time home buyers (cannot have owned a home in the previous 3 years)
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| How much is the credit? |
The credit is up to 10% of the home purchase price, capping at $8,000. The refundable credit means that if your total tax liability in the given year is less than $8,000 the IRS will send a refund for the balance.
Single buyers with incomes up to $75,000 (and married couples up to $150,000 qualify for the full credit). Those earning $75,000 - $95,000 (single) and $150,000 - $170,000 (married) qualify for partial credit.
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| When is the credit available? |
The credit is available to buyers who close on an owner occupied principle residence between 01/01/2009 - 11/30/2009
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| Do I need to pay the credit back? |
As long as you reside in the home for three years, you will not have to pay back the credit. |
For more information and commonly asked questions:
Consult a tax advisor regarding your individual situation. This information is not legal or tax advice.