|
 First-Time
Home Buyer Tax Credit Update
President Obama signed into law on
Feb. 17 an economic stimulus package with a new first-time home buyer
tax credit that provides the following for qualified home buyers:
- Up to an $8,000 tax credit
for purchase of a principal residence
- Tax Credit is REFUNDABLE
which means you will receive a check for any amount above the tax
owed. If you owe $2000 in taxes for 2009, you will receive a check
back for $6000 if the home purchase price is $80000 or more.
- Applies to homes purchased between
Jan. 1 and Nov. 30, 2009
- Families or individuals are
considered "first-time" buyers if they have not owned a home for three
years or more
- Credit does not have to be
repaid if the home isn’t sold for three years
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