First-Time Homebuyer Tax Credit Fact Sheet
Posted by Nancy Comenitz on Saturday, March 7th, 2009 at 5:45pm.
First- Time Homebuyer Tax Credit
2009 Housing Stimulus Legislation Tax Credit Fact Sheet
Effective for Purchased on or after January 1, 2009 and before December 1, 2009
Who is Eligible:
If you are a first-time homebuyer
If you purchased the home between April 8, 2008 and December 1, 2009
If you and your spouse did not own any other main home during the three year period ending on the date of the purchase.
Types of Homes that Qualify
Your main home can be a house, houseboat, housetrailer, cooperative apartment, condominium or other type of residence (and also a newly constructed residence).
Income Limits:
Single or head-of-household taxpayers can claim the full $8,000 if their modified adjusted gross income (MAGI) is less than $75,000
Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial tax credit.
Married couples who file a joint tax return can claim the full $8,000 if their modified adjusted gross income is less than $150,000.
Married couples whose income is between $150,000 and $170,000 are eligible to receive a partial first-time buyer’s tax credit.
The tax credit is not available to single taxpayers whose MAGI is greater than $95,000 and married couples filing jointly with a MAGI that exceeds $170,000
Who Cannot Claim the Credit
If your home financing comes from tax-exempt bonds. (This rule does not apply for homes purchased in 2009) You are a nonresident or alien
You acquired your home by gift or inheritance
You acquired your home from a related person
Tax Credit is Refundable
A refundable credit means that if you pay less than $8,000 in federal income taxes, than the government will write you a check for the difference.
For Homes Purchased in 2008
The credit operates like an interest-free loan. It must be repaid over a 15-year period in 15 equal installments beginning in 2010. If you sell your home all payments are recaptured on the sale.
For Homes Purchased in 2009
If you sell your home within the three years, the entire amount of the credit is recaptured on the sale.
Further information regarding the tax credit may be found at http://www.irs.gov/
2009 Housing Stimulus Legislation Tax Credit Fact Sheet
Effective for Purchased on or after January 1, 2009 and before December 1, 2009
Who is Eligible:
If you are a first-time homebuyer If you purchased the home between April 8, 2008 and December 1, 2009 If you and your spouse did not own any other main home during the three year period ending on the date of the purchase.
Types of Homes that Qualify
Income Limits:
Single or head-of-household taxpayers can claim the full $8,000 if their modified adjusted gross income (MAGI) is less than $75,000
Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial tax credit.
Married couples who file a joint tax return can claim the full $8,000 if their modified adjusted gross income is less than $150,000. Married couples whose income is between $150,000 and $170,000 are eligible to receive a partial first-time buyer’s tax credit. The tax credit is not available to single taxpayers whose MAGI is greater than $95,000 and married couples filing jointly with a MAGI that exceeds $170,000Who Cannot Claim the Credit
If your home financing comes from tax-exempt bonds. (This rule does not apply for homes purchased in 2009) You are a nonresident or alien
You acquired your home by gift or inheritance
You acquired your home from a related person
Tax Credit is Refundable
For Homes Purchased in 2008
For Homes Purchased in 2009
Further information regarding the tax credit may be found at http://www.irs.gov/
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