$8,000 For Homebuyers

First-time buyers (someone who has not owned a home in the past 3 years) can claim a credit worth $8,000 – or 10% of the home’s value, whichever is less.

They can claim this credit on their 2008 or 2009 taxes.

The purchase must be completed between Jan. 1 and Dec. 1, 2009.

Buyer must live in the home for at least 3 years or they will be obligated to pay back the credit.

Buyers must meet the income restriction of $75,000 for singles or $150,000 for couples.

Applying for the credit is easy. Just claim it on your return. No other forms or papers have to be filed.

Taxpayers who have already completed their returns for 2008 can file an amended return to claim the credit.

Examples of credit:

        Tax payer is expecting $1,000 refund.
        Now their refund would be $9,000.
        Tax payer owes $2,000 to the IRS.
        Now they are getting $6,000 refund.

Please review with a qualified tax professional.

It is a great time to buy! If you or anyone you know is thinking of buying, please contact us!