If you are a first time home buyer you might qualify to receive a tax credit of $8,000. This is available for any kind of home (single family, townhomes, condominiums and manufactured homes (mobile homes) – new or resale.
Home Buyer Tax Credit at a Glance:
- Must be a first-time home buyer or not have owned a principal residence in 3 years prior to purchase.
- Tax credit does not have to be re-paid.
- The credit is available for homes purchased between January 1, 2009 and December 1, 2009.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. Consult your tax advisor about partial tax credits.
- Homebuyers must use the residence as a principal residence for a minimum of 3 years or the entire amount of the credit must be repaid. Applies only to homes purchased in 2009.
- Participating in the program is easy - You claim the tax credit on your federal income tax return.
For more information you can go to www.federalhousingtaxcredit.com/2009/home2.html and/or consult your tax advisor.
