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2009 Homebuyer Tax Credit FAQ
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For home purchases on or after January 1, 2009 and before December 1, 2009, eligible homebuyers can earn up to $8,000 in tax credit. Below are the answers to questions about this revised credit incentive.
1. What's new about the 2009 version of the homebuyer tax credit?
The 2008 credit is a maximum of $7,500 and must be repaid. The 2009 credit is a maximum of $8,000, and the repayment feature is eliminated for 2009 purchasers. Any home purchased for $80,000 or more qualifies for the full $8,000 amount. If the house costs less than $80,000, the credit will be 10% of the cost. Thus, if an individual is available for the purchase of a principal residence on or after January 1, 2009 and before Decemeber 1, 2009.
2. Who is eligible?
A person is considered a first-time buyer if he/she has not had any ownership interest in a home in the three years previous to the day of the 2009 purchase.
3. How does a tax credit work?
Every dollar of a tax credit reduces income tax liability by a dollar. Credits claimed on an individual's income tax return. A qualified purchaser calculates ... more

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