$8,000 Home Buyer Tax Credit at a Glance

 

  • The tax credit is for first-time home buyers 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 percent of the home’s purchase price up to a maximum of $8,000.
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    • The credit is available for homes purchased on or after January 1, 2009 and under contract BEFORE April 30th, 2010 and CLOSED by June 30th, 2010.

     

    • Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.