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Is There Time Left To Take Advantage Of The $8,000 Tax Credit?

American Recovery and Reinvestment Act of 2009First-Time Homebuyer Tax Credit

Eligible buyers must close by December 1, 2009 so it’s important to select a residence soon to make sure you don’t get left out.  The credit applies to first-time homebuyers, as well as individuals who have not owned a principal residence in the 3-year period prior to the purchase, and applies to homes purchased between January 1, 2009 and December 1, 2009.  The tax credit is equal to 10% of the purchase price, but capped at $8,000.  Certain income restrictions apply so be sure to visit www.irs.gov to learn more about eligibility requirements and limitations.

The credit:

  • applies to purchases that close before December 1, 2009
  • applies only to homes used as the 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 tax payers, even if they owe no tax or the credit is more than the tax owed

Recovery:  First-Time Homebuyer Credit

First-Time Homebuyer Credit Questions and Answers: Basic Information

For more information please contact me at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

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