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Home buyer first-time tax credit

03-03-09
Diana Chabrier
  1. Does not have to be repaid unless the home is sold within three years.
  2. Applies only to first-time homebuyers, defined as those who have not owned a home within the previous three tax years.
  3. Available only for homes purchased between Jan. 1, 2009, and Dec. 1. 2009.
  4. Restricted by income; phases out for individuals with an adjusted gross income of $75,000 or above and for married couples with a combined adjusted income of $150,000 or above.
  5. Tax credit is up to 10 percent of the purchase price, up to a maximum of $8,000. For example, a buyer of a $150,000 home could receive a tax credit of a maximum of $8,000, while a first-time buyer of a $70,000 home would be eligible for a tax credit of $7,000
  6. The credit can be taken on 2008 taxes even when the purchase is made in 2009.
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