First time home buyers are some of my favorites to work with. I remember purchasing my first home and its very exciting, and scary all at once! It's great when you have a REALTOR® on your side to help guide you through all the tough decisions and all the paperwork.
There are many reasons why people decide to purchase their own home, including pride of ownership, for investment purposes, mortgage interest and property tax deductions, and potential appreciation for the future.
In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers.
But time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible.
- 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 principal residence during the three-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’s purchase price up to a maximum of $8,000.
- 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.
Do you have more questions about the First Time Home Buyer $8,000 tax credit? Check out the FAQ's. Want to start your home search and allow us to help you ensure that you receive your tax credit? Contact us today.