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First-Time Home Buyer Tax Credit*
This credit applies to purchases on or after January 1, 2009 and before December 1, 2009
What is the amount of the credit?
The maximum credit amount is $8000.00
What poperties are eligible?
Any single family residence(including condos, co-ops, townhouses) that will be used as principal residence.
Is it refundable?
Yes. It reduces(or can eliminate) income tax liability for the year of the purchase. Any unused amount of tax credit will be refunded to the purchaser.
Is there an income limit?
Yes. Full smount of credit is available for individuals with adjusted gross income of no more than $75,000.00($150,000 on a joint return). It phases out above $95,000 for individual and $170,000 for joint.
Do you have to be a first-time home buyer?
Yes. Purchaser, and spouse if applicable, may not have owned a principal residence in 3 years previous to purchase.
Do I qualify if I use revenue bond financing?
Yes.
Do I need to repay the credit?
If the purchase was made on or after Jan 1, 2009 and before Dec 1, 2009 you do not have to repay the credit.
Can the credit be recaptured?
Yes. If the home is sold within 3 years of purchase, the entire amount of the credit is recaptured during the sale.
Is there a deadline?
Yes. December 1, 2009.
* For more details on eligibility requirements for this refund please go to www.irs.gov
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