$8,000 Tax Credit Video

It is a true $8000 reduction on your next tax bill. (NOT from the seller) If you don’t owe that much you get a check back from the IRS for the remainder. This credit is only available for qualifying home purchasers between January 1, 2009 to December 1, 2009. $8000 applies only to 1st time home buyers meaning they have NOT owned real estate in the last 3 years. There is an income limit to the credit that phases out the credit for single taxpayers with adjusted gross incomes exceeding $75,000 (or $150,000 for married couples filing jointly). If you sell the home within three years you forfeit the credit or have to pay it back if you already claimed it.