First-Time Homebuyer Tax Credit
The economic stimulus plan signed into law in February included a financial incentive for first-time buyers -- an $8,000 tax credit, that unlike past versions does not need to be repaid. Combined with historically low interest rates and more affordable home prices, the tax credit has made the decision to purchase real estate an easy choice for many buyers.
Review the following information to see if you are eligible to take advantage of the tax credit:
- The home purchase closed/will close on or after Jan. 1, 2009, and before Dec. 1, 2009.
- The home is being used as a principal residence.
- You have either never owned a home, or have not owned a home in the last three years.
- Your modified gross income is less than $95,000 for single tax payers or $170,000 for married filers.
I have searched out the best descriptions of the First-Time Homebuyer Credit initiated as part of the 2009 stimulus package. Clicking on the link will bring open a PDF file with the infomation in a seperate window if you have Adobe reader installed.
A siimple chart that shows the tax credit available and the various conditions click HERE.
A Page of FAQ (frequently asked questions) and answers click HERE.
If you have more questions that you cannot find the answer to, CONTACT ME and I will get right back to you.