Thursday, March 12, 2009

$8,000 Tax Credit for Home Buyers | Economic Stimulus Plan Is Law

Highlights from the new $8000 Tax Credit for Home Buyers include;

Available only to first-time home buyers
The tax credit is not a loan and does not require repayment*
*If the home is sold within 3-years, the $8,000 tax credit must be re-paid
The tax credit reduces the home buyer’s tax liability; if the buyer’s liability is less than $8,000, the remaining credit will be issued as a check
Home purchase must be for a primary residence
The credit is available on home purchases between January 1, 2009 and December 1, 2009
If you are single and make $75,000 or more, or are married and make $150,000 or more, you do not qualify for the tax credit
The Buyer is not eligible for this tax credit if the Seller is a relative of the Buyer

Check out the "New Deal" for First Time Homebuyers Tax Credit of $8000 and other tax credits within this stimulus package.