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The New First Time Home Buyer Tax Credit
A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.
I have put together a matrix (click on the link at the end of this post) that compares the old first time buyer tax credit of 2008 with the revised credit for home purchases after January 1, 2009 and before December 1, 2009. Some of the highlights are:
- Maximum credit allowed is $8000
- Purchasers who utilize revenue bond financing can use the credit
- No repayment for purchases between January 1 and December 1, 2009
- If the home is sold within 3 years of the purchase, the entire amount of the credit is recaptured with the sale. This applies only to homes purchased in 2009.
- The program terminates December 1, 2009
- Still available for first time buyers only. Three year rule continues to apply.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
Click this link to see the Matrix which compares the old tax credit with the revised.
Some home buyer resources:
Buying a Home ( Federal Housing Authority)
State and Local Home Buyer Assistance Programs
Mortgage Information from The Fed
Okay all you homebuyers that qualify don’t sit on the fence, take advantage of this tax credit and buy a property.