Everyday I get emails and or calls on people trying to understand this. Copy/Paste this and keep it near your desk I promise, you will need it!!
Rules for 2009 first-time homebuyers tax credit
- Does not have to be repaid unless the home is sold within three years.
- Applies only to first-time homebuyers, defined as those who have not owned a home within the previous three tax years.
- Available only for homes purchased between Jan. 1, 2009, and Dec. 1, 2009.
- Restricted by income; phases out for individuals with an adjusted gross income of $75,000 or above and for married couples with a combined adjusted gross income of $150,000 or above.
- Tax credit is for up to 10 percent of the purchase price, up to a maximum of $8,000. For example, a buyer of a $150,000 home could receive a tax credit of a maximum of $8,000, while a first-time buyer of a $70,000 home would be eligible for a tax credit of $7,000.
- The credit can be taken on 2008 taxes even when the purchase is made in 2009.
Send me an Email and I can send you my Full Report Q and A on the Tax Credit.