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What You Need to Know About the $8,000 Federal First-Time Homebuyer Tax Credit
Surely, by now, you have heard about the $8,000 Federal Tax Credit for First-Time Homebuyers for 2009. It truly is an amazing time to be a first-time homebuyer! The government is practically paying you to buy a home!
Here are a couple of things that you need to know about the $8,000 Federal Tax Credit for First-Time Homebuyers, which may help you to make up your mind to become a homeowner!
The tax credit is equal to 10% of the purchase price of the home up to $8,000, whichever is less. The amount of credit you receive is also influenced by your Adjusted Gross Income (AGI), whether you file individually or jointly - see charts below for the amounts Any single-family residence in the United States that will be used as your principal residence- in other words, you will live in this home the majority of the time - this includes single-family detached homes, condominiums, townhomes, co-ops, lofts, and any other new or existing dwelling The tax credit directly reduces the amount you owe when you file your taxes - for example, if you owe $2,000 for your 2009 taxes,you would receive a refund of the remainder of the credit, equally ... more

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