$ 8000 Refundable Tax Credit for First Time Homebuyers
Did you know that being a First Time Homebuyer now reaps extra rewards? Not only is it rewarding to own your very
own home but you'll also be granted up to an $8,000 tax credit (or 10% of the home’s value, whichever is less) for you
to use any way you would like.
WHO QUALIFIES?
To qualify as a “first time” home buyer, buyers can not have owned a home for the past three years. Buyers
must also live in the home as their primary residence for at least three years, or they will be obligated to pay back
the credit. To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009.
(Contract for Deed Purchases also qualify)
Income Restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples.
(Higher-income buyers may receive a partial credit.)
HOW OR WHEN WILL I RECEIVE MY CREDIT?
Applying for the credit is a fairly easy process. All you
need to do is claim it on your income tax return when you file your taxes; no other forms or papers have to be filed. Taxpayers
who have already completed their returns can file amended returns for 2008 to claim the credit.
DO I HAVE TO PAY THE MONEY BACK?
The credit does not have to be paid back as long as you remain in the home for a full three years.
