Get In On The $8,000 Tax Credit!

Who Qualifies for the $8,000 tax credit?
First-time home buyers! They must purchase homes between January 1, 2009 and December 1, 2009. THE CLOSING of the home must be before November 30th, 2009!
*Please Note: To qualify as a “first-time home buyer” the purchaser their spouse may not have owned a residence no less than three years prior to the purchase.


Which Properties Are Eligible?
Primary residences including: single-family homes, condos, townhomes.


How Much Will the Credit Be?
The maximum allowable credit is $8,000. The tax credit is determined by two factors:
#1.) The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
#2.) The buyer's income—single buyers with income $75,000/year. Married couples with income up to $150,000/year.


If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit. (Please consult a certified tax accountant for more information on this tax credit and the above eligabilities!)


Will the Tax Credit Need to Be Repaid?
No- not really... The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale! Meaning, it will be taken out of your homes proceeds. It is probably best to not plan on selling your home for at least 3 years.

Sources: realtor.com, and IRS.gov

TAX CREDIT INFORMATION:
http://www.irs.gov/newsroom/article/0,,id=204671,00.html