$8000 First VT Home Buyer Credit
$8,000 First Time Home Buyer Tax Credit
The good news for home buyers, is that unlike last year’s $7,500 tax credit the 2009 version of the home buyer tax credit doesn’t need to be paid back!
Additional information on the credit you should know:
- It applies to homes purchased after January 1, 2009 but before December 1, 2009.
- You must keep the home for at least 3 years.
- The credit is for the lessor of $8,000 or 10% of the home’s purchase price.
- The credit is refundable.
- You cannot have owned a home for the past 3 years.
- It phases out for adjusted gross incomes between $75,000 to $95,000 for single and $150,000 to $170,000 for couples.