First Time Home Buyers Tax Credit

$8,000 Home Buyer Tax Credit

Tax Credit Summary

In the Housing portion of the 2009 economic stimulus plan there is a provision that provides you an unique opportunity to assist you in purchaseing a home.

• The tax credit is for first-time home buyers only.
• The tax credit is also for home buyers that have not owned a home in 3 or more years.
• 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 that close 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.
• If your income exceeds these maximums, you may still be eligible for a reduced tax credit.