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$8,000 tax credit

I was wondering if anyone has any info on the first home buyer tax credit...When did you have to buy your house?

Answer Question
 
4hens

Asked by 4hens at 7:12 AM on Aug. 12, 2009 in Money & Work

Level 3 (19 Credits)
Answers (5)
  • As I remember it is this year before Dec 1. Go to irs.gov and find the details for 09. There was a differnt program for 08 that went to 7,500. Don't mix them up while you are reading.
    Anonymous

    Answer by Anonymous at 8:55 AM on Aug. 12, 2009

  • A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.

    Some things about the tax credit

    The tax credit is for first-time home buyers only.
    This tax credit does not have to be repaid, as long as you live in your new home for at least three years after purchase.

    The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
    The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
    sassy43082

    Answer by sassy43082 at 9:00 AM on Aug. 12, 2009

  • My DH is a realtor and he said that to qualify for the tax credit you have to buy a home before Dec 1st of this yr. You still qualify for the full $8,000 if you have NOT bought a house within the lasst 3 years. It does not have to be you very first home as long as it has been at least 3yrs. since you purchased a home. We bought a home in 2008 and did not have to pay it back, we got 7,500 so i don't know what pp is explaining
    Anonymous

    Answer by Anonymous at 9:57 AM on Aug. 12, 2009

  • we only had to live in our home for 1yr. not 3yrs in order to not have to pay it back!
    Anonymous

    Answer by Anonymous at 9:58 AM on Aug. 12, 2009

  • well, i actually bought my house in may of 2008 not this year...but i was hoping somehow it wasnt to late
    4hens

    Answer by 4hens at 11:56 AM on Aug. 12, 2009

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