First Time Home Buyer Tax Credit Information

First Time Home Buyer Tax Credit Information

First time Home Buyer Tax Credit.

A tax credit of up to $8,000 is available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Following is a link to the official web site.

http://www.federalhousingtaxcredit.com/2009/index.html

The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return.

To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.

How to claim the first time home buyer tax credit. The tax credit can be claimed on Line 69 of Form 1040.
Helpful Links for First Time Home Buyers

* First-Time Home Buyer Tax Credit

A tax credit of up to $8,000 is available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.
* Internal Revenue Service Information

First-time homebuyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. The credit: * Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009. * Applies only to homes used as a taxpayer’s principal residence. * Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar. * Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed. The credit is claimed using Form 5405.
* The Basics: 2009 First-Time Home Buyer Tax Credit

Here is more information from Realtor.org about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

* Inforamtion from HUD

The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home.

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