New $8,000* Tax Credit
For 2009, Congress has enacted an $8000 credit specifically to help first-time homebuyers.
To qualify, you can earn no more than $75,000 as an individual or $150,000 as a
married couple that files a joint tax return. If you do qualify, you will be able
to deduct the full $8,000 from your federal tax liability. Or, if you owe less than
$8,000, the government will subtract the amount you owe from $8,000 and send you
a check for the difference.
Only first-time homebuyers who purchase their principal residence on or after January
1, 2009 and before December 1, 2009 are eligible. You will also be considered a
first-time buyer if you have not had any ownership interest in such a home in the
three years previous to the day of your 2009 purchase.
Keep in mind that, due to mortgage approvals, inspections and other steps in the
buying process, you’ll need to be under contract to purchase soon in order to meet
the tax credit closing date deadline.
For detailed information about the tax credit, click on,
First Time Home Buyers Tax Credit.
