This has been a really hot topic lately. The Government is going to help home buyers . . . but how, exactly? Well I hope this information I just received helps.
Here is a breakdown of the Federal portion First Time Home Buyer Tax Credit portion of the 2009 stimulus plan.
Federal First Time Home Buyer Tax Credit at a Glance
- The tax credit is available for first time home buyers only (has not owned a home in the past three years)
- The credit is equal to 10% of the home’s purchase price for a maximum of $8,000
- The credit does not have to be repaid
- Single taxpayers with income up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit
- The credit is available for homes purchased on or after January 1, 2009 through December 1, 2009
- The credit can be taken on your 2008 or 2009 Federal Tax Return
Please consult your tax advisor for more information
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