The deadline is quickly approaching but there’s still time to take advantage of the “First-Time” Homebuyer Tax Credit. The rules are simple, here’s what you need to know:
- Anyone who has not owned a home in the past 3 years is eligible
- Purchase a home between January 1 and November 30, 2009
- Receive a tax credit of 10% of the purchase price, up to $8000, on your 2009 tax return
For example, with a home purchase of $65000, you would receive a $6500 tax credit (meaning an additional $6500 refund on your taxes). Any home purchase over $80000 qualifies for the full $8000 tax credit.
And you read correctly above, this credit is not just for first time homebuyers as it is generally called, but for other homebuyers as well. If you have not owned a home in the last 3 years prior to the purchase of the house, you are eligible for the tax credit.
Since it can take 30-60 days to close on a home purchase, you will need to act quickly in order to take advantage of this opportunity.
For more information visit the IRS First-Time Homebuyer Credit page.
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September 20, 10:27 pm
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