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Homebuyer Tax Credit

This is one of those things you should take advantage of if you were going to buy a house anyway sometime soon.

First time homebuyers:

• The $8000 tax credit is for first time homebuyers only. For the tax credit program, the IRS defines a first time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8000.
• The tax credit applies only to homes priced at $800,000 or less.

Repeat Home Buyers:

• To be eligible to claim the tax credit, buyers must have owned and lived in their home for five consecutive years out of the last eight years.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6500.
• The tax credit applies only to homes priced $800,000 or less.

This info is not intended as legal or tax advice. I just wanted you to know the basics to see if you might be qualified and to find out more. Here is a link to the current info: Tax Credit

Let me know if I can help in any way!

Lynette Hensley
Associate Broker