Have you heard about the tax credit for First Time Home Buyers?
CongressÂ passed legislation that grants tax credits of up to $8000 to first-time home buyers. But how do you know if you qualify for the credit?
â€¢Â Homes must be purchased between January 1, 2009 and December 1, 2009. To qualify as a first-time home buyer, the purchaser or spouse may not have owned a residence for three years prior to the purchase.
â€¢Â The credit can be applied to primary residences including single-family homes, condos, townhomes and co-ops.
â€¢Â The credit is equal to 10% of the purchase price, up to $8000.
â€¢Â Single buyers with incomes up to $75,000 and married couples with incomes up to $150,000 are eligible.
â€¢Â Buyers must occupy the home for three years or more to avoid repayment of the credit. If the property is sold within three years, the credit is recouped upon sale.
For complete, up to date information about the tax credit, please visit http://www.federalhousingtaxcredit.com/2009/index.html
Bennington VT, First Time Buyers