How much credit will I receive?
- The tax credit is equal to 10 percent of the home's purchase price, up to a maximum of $8,000. (Please note: this tax credit does not have to be repaid.)
When must I purchase a home to receive the credit?
- The American Recovery and Reinvestment Act of 2009 states that credit is avalable for homes purchased on or after January 1, 2009 and before December 1, 2009.
Am I qualified for this credit?
- 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.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
Click here for more Frequently Asked Questions regarding the Home Buyers' Tax Credit.
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