2009 $8000 Tax Credit

[Classof67]

To further clarify the 2009 $8000 Tax Credit...

The program is available for first time home buyers AND home buyers who have NOT owned a principal residence within the last three years. The tax credit is available on purchases from Jan. 1, 2009, and before Dec. 1, 2009(Note: not Dec [b]31[/b], 2009). The tax credit is equal to 10 percent of the home purchase price, up to $8,000, and does not have to be paid back.

The income limits for borrowers are $75,000 for single persons and $150,000 for married couples filing a joint return. Any type of new or resale home is eligible. The new owner must live there for at least three years, or may be required to repay amount of the tax credit. First-time purchasers in 2009 can claim the credit on either a 2008 tax return (by filing an amended return) or a 2009 tax return.

American Banking Association
June, 2009