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.

 

 

Posted by Gloria Singer on
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