First Time HomeBuyer Tax Credit

October 1, 2009 by  
Filed under First Time HomeBuyer Tax Credit

Basic info about the $8K tax credit for first time homebuyers:

  • Refundable: The credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill – the amount of withholding they paid during the year- was less than that amount.
  • Purchase Date: To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as “first time” buyer. They must also live in the house as their primary residence for at least three years, or they will be obligated to pay back the credit.
  • Paperwork: Applying for the credit will be easy – or at least as easy as doing your income taxes. Just claim it on your return. No other forms or papers have to be filed. Taxpayers who have already completed their returns can file amended returns for 2008 to claim the credit.
  • Income Restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.)

**Many experts feel that the deadline could be extended beyond November 30th 2009.

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