Homebuyer Tax Credit Buy a home and you get a tax break!

Homebuyer Tax Credit Buy a home and you get a tax break! As part of the Housing and Economic Recovery Act of 2008, a Firsttime Homebuyer Tax Credit is now available. But this special tax break ends in mid‐2009. A homebuyer tax credit has been available for first‐time homebuyers in Washington, D.C. for many years, and now first‐time homebuyers nationwide can take advantage of a similar benefit. In this brochure we’ll discuss some of the provisions of the credit and explain how to use it. Am I Eligible? First‐time homebuyers who purchase a principle residence on April 9, 2008 and before July 1, 2009 are eligible. If you (and your spouse, if married) have not owned your principle residence for a 3‐year period before your purchase, and you have never taken advantage of the DC first‐time homebuyer credit, you qualify as a first‐time homebuyer. How does it work? Like all tax credits, it will directly reduce the total amount of taxes you owe.