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$8,000 First Time Home Buyer Tax Credit at a glance…

·       The $8,000 tax credit is for first-time homebuyers only.  For the tax credit program, the IRS defines a first time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.

·        The tax credit does not have to be repaid.

·        The tax credit is equal to 10% of the home's purchase price up to a maximum of $8,000.

·        The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010.  However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

·       For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.

·       For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

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