First-time Home Buyers $8000 Tax Credit!
2009 and a new tax credit is available for first time home buyers and you do not have to pay it back. This is available from January 1st, 2009 until December 1st, 2009. But just like the 2008 tax credit there are some rules and here they are:
$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 purchased 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
Some homebuyers are learning this just now, before the new spring season for homebuying begins. This deal is not only for new homes but is also avaialble for first-time home buyers interested in taking advantage of some of the great homes on the market. Combine that with a home available at short sale, in addition to a great mortgage rate, then buying a home could be a great bargain.