Did you recently purchase your first home? If so, you may be eligible for a $8,000 tax credit from the federal government.
Here are the basic requirements for eligiblity:
- The tax credit is for first-time homebuyers only. And the IRS defines a first-time homebuyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
- The tax credit does not have to be repaid.
- The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
- The credit is available for home purchased on or after January 1, 2009 and before December 1, 2009. That means the closing of the purchase must be complete no later than November 30, 2009.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
One of the best parts of this tax credit is that you don't have to wait to file your 2009 tax return to claim it. Taxpayers are allowed to amend their already filed 2008 return and claim the credit as if the purchase occurred during 2008. This allows for you to receive the credit as soon as possible.
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