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$8000 first-time home buyer tax credit |
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Maximum credit amount is $8000 |
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Purchases on or after Jan 1, 2009 - Dec 1, 2009 |
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Any principal residence. Includes condos, co-ops and townhouses |
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Reduces income tax liability for year of purchase |
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For individuals with AGI of no more than $75,000 ($150,000 joint return) Phases out above $95,000 and $170,000 |
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First-time home buyers (purchaser and purchasers spouse may not have owned a principal residence in the previous 3 years) |
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No repayment for purchases on or after Jan 1, 2009 - Dec 1, 2009 If home is sold within 3 years of purchase entire amount of credit is recaptured |
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Can be used with state/local revenue bond financing |
