$8,000 First-Time Home Buyer Tax Credit
| The new economic stimulus plan |
|
| includes a tax credit of up to $8,000
for first-time home buyers who purchase their homes anytime
before December 1, 2009. The credit is available to first-time home buyers only. Unlike the $7,500 credit that existed previously, this new $8,000 credit does not have to be repaid. For single taxpayers with a modified adjusted gross income up to $75,000 or married couples with income up to $150,000, the credit is the lesser of 10% of the home's purchase price or $8,000. If you purchased a house between January 1, 2009 and December 1, 2009, the $8,000 tax credit can be claimed on your 2008 tax return using form 5405. If you have already filed your return, you may file an amendment or adjust your paycheck withholding amount. Speak to a qualified advisor for more information. Visit the
IRS website for more information. |
|