The 2009 homebuyer tax credit simplified:
- Must be 1st time home buyer (defined as someone who hasn't owned a house in 3 years).
- The credit is for 10% of sales price and not to exceed $8,000.
- Must close on the home between 1-1-2009 and 11-30-2009.
- The home must be your primary residence.
- The home must be a single family residence.
- You must meet income requirements (less than $75,000 for single and less than $150,000 for joint).
- The tax credit is applied to your tax liability.
- Any unused tax credit is refunded to you.
- Does not have to be repayed unless you sell the home before 3 years time.
- For more information on the tax credit click here.
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