$8000 Tax Credit for qualifying first-time homebuyers.

Published On: May 6, 2009

The information on this page pertains to the American Recovery and Reinvestment Act of 2009.

• The Tax credit is for first time home buyers only. For the tax credit program, the IRS defines a first time home buyer as someone who has not owned a principle residence during the 3 year period prior to the purchase.
• The tax credit does not have to be repaid
• The tax credit is equal to 10 percent of the home buyers purchase price up to a maximum of $8000.00
• The credit is available for homes purchased on or after January 1, 2009 and before December 1,2009
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.