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 homeâ€™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.
at 9:00 AM on Aug. 12, 2009