$8,000 Dollar Tax Credit
Who qualifies for the $8,000 first time home buyers tax credit?
In February 2009, congress passed the 2009 stimulus package which increased the credit to $8,000. Congress also changed a key provision so that a first time homebuyer no longer needs to repay the tax credit so long as they don’t sell their home within three years of purchasing it.
$8,000 dollars will be credited to you through your taxes that does not have to be repaid!
Who is a first time homebuyer?
The bill describes a first-time homebuyer as someone who has not owned a primary residence for at least a 3 year period prior to the purchase of a home. In the case of a married couple, neither one of them can have owned a primary residence for three years to qualify as first time homebuyers. However, ownership of a vacation home, rental home, or any home not used as a primary residence will not disqualify you. Be sure to consult your tax advisor if you qualify.