Just thought I would give you all a reminder of the $8,000 Home Buyer Tax Credit at a glance.
The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
The tax credit does not have to be repaid.
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 purchase 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.
Let me know if you have any questions.
1 comment:
I think it's important for home buyers to understand the definition of a "first-time home buyer" as not having owned a principal residence during the 3 years previous to the purchase as you stated in your post.
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