Boca Raton First Time Homebuyer's Tax Credit Facts

As a followup to my earlier blog post about the first time buyer credit here are some quick facts:

• The tax credit is equal to 10 percent of the home's puchase price, up to $8,000.
• Buyers can claim the credit on either their (amended) 2008 Federal tax return or on their 2009 Tax Return. More info can be found at www.irs.gov
• The home sale MUST close by November 30, 2009
• The full credit is available to buyers with modified adjusted gross incomes (AGI) of $75,000 for single taxpayers and $150,000 for married taxpayers. Smaller partial credits are available for incomes up to $95,000 single and $170,000 married.
• It is possible to use cash from the credit towards the downpayment of the home purchase this year. For more information, go to www.fha.gov
• If the new home is occupied for at least three years, buyers do not have to repay the credit.