First Time Home Buyer Tax Credit
First Time Home Buyer Tax Credit
Congress has enacted legislation provided a tax credit for first time home buyers, and the following are the information and guidelines a buyer will need to know:
- The tax credit is for first time home buyers only
- The tax credit does not have to be repaid
- The tax credit is equal to 10% of homes purchase price not to exceed $8000
- The credit is only available for homes purchased from January 1-December 1 2009
- Single taxpayers with incomes up to $75,000 are eligible, and married couples with income up to $150,000 are eligible for the full tax credit
It is already a great time to buy a house, but for first time home buyers this is an even greater incentive to buy now!!!