$8000 Federal Tax Credit | First-Time Home Buyer Incentives

Posted by Jace Stolfo on Saturday, February 21st, 2009 at 10:42pm.

[UPDATE: TAX CREDIT EXTENDED] The recently passed stimulus package includes a 10% tax credit of the sales price (up to $8000) for first-time home buyers and those who have not owned a home within the previous 3 years.  Unlike the 2008 tax credit of $7500, the 2009 version does not have to be repaid as long as the home is owned for a  minimum of 3 years.

A tax credit is much better than a deduction.  It's a dollar for dollar reduction on your federal income tax.  If you owe less than $8000 then you will receive a refund.

The purchase must occur between January 1, 2009 and December 1, 2009.  Check with your CPA to determine eligibility.

Important: This information is deemed reliable but not guaranteed.  Verify all information.

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