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Homebuyer Tax Credit Overview.. .
Great information on this years version of the first time home buyers tax credit.
The Homebuyer Tax Credit portion of the American Recovery and Reinvestment Act of 2009 provides an $8,000 tax credit to first-time home buyers (or buyers who have not owned a private residence in the past three years) who purchase a principal residence on or after January 1st, 2009 and on or before November 30th, 2009. The credit does not require repayment and will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
What are the important points to know?
The Tax credit has been raised from $7,500 to $8,000 or %10 of purchase price (whichever is less) The credit does not require repayment First time home buyers or buyers who have not owned a home in the last three (3) years To qualify, a single person must make less than $75,000 a year in income Joint ownership must make less than $150,000 a year in income to qualify Qualified buyers must purchase home on or after January 1st, 2009 and no later than November 30th, ... more

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