First Time Home Buyer Tax Credit
Learn all about federal first time home buyers tax credit, the qualifications and the tax implications.
An income tax credit on your individual tax return up to $8,000 is available for qualified first time home buyers who purchase a principal residence on or after January 1, 2009 and before December 1, 2009.
A first-time home buyer must not have owned a principal residence during the three-year period prior to the purchase.
The first time home buyers tax credit is equal to 10 percent of the home purchase price up to $8,000.
Single taxpayers with gross income of up to $75,000 qualify and married couples with income up to $150,000 qualify to take the first time home buyers tax credit.
Some Questions regarding federal program for First Time Home Buyer Tax Credit!!
Who is eligible to claim the first time home buyers tax credit?
What are the requirements of a first-time home buyer?
How exactly is the first time home buyers the tax credit calculated?
Where is a chart of the income limits for claiming the first time hone buyers tax credit?
What types of homes will qualify for the tax credit?