New - $8000 New Homebuyer Tax Credit
With the signing of the "American Recovery and Reinvestment
Act" on February 17, 2009, the tax credit for 1st Time Homebuyers
has been revised. Here are a few of the ins and outs:
- 1st Time Home Buyers only, can’t have owned a home in the last 3 years
- Purchase a home between 1/1/2009 and 12/1/2009
- The lesser of 10% of the sales price or $8,000
- Tax Credit DOES NOT have to be repaid if you stay in the home for a minimum of 3 years
- Primary Residences ONLY
- Income limits of $75,000 for single or $150,000 joint
