First-Time Home Buyer Tax

 Credit at a Glance

 

 

        · The tax credit is available

for first-time home

buyers only.

 

· The maximum credit amount is $7,500.

 

· The credit is available for homes purchased on

  or after April 9, 2008 and before July 1, 2009.

 

 *Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

 *The tax credit works like an interest-free loan and must be repaid over a 15-year period.

                                                           

UPDATE - February 10, 2009

 Congress is actively considering an expanded home buyer tax credit,
and the Senate has approved the following improvements:

· The tax credit amount increases to 

 $15,000.

·  

· The tax credit is extended to anyone buying a 
principal residence.

· The tax credit will apply to all purchases

  occurring within a year after the bill is signed
into law.

 

· It is a true tax credit; it does not have to be

  repaid.

 

Please call your Senators and urge support for the expanded 
Home Buyer tax credit.

To reach your Senators, call 1-866-924-NAHB (6242).

 

Go to : http://www.federalhousingtaxcredit.com/   

For more details

 

information on this web site for general guidance only. The information on this site does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind nor should it be construed as such. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action on this information, you should consult a qualified professional adviser to whom you have provided all of the facts applicable to your particular situation or question. None of the tax information on this web site is intended to be used nor can it be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for particular purpose.