As Modified in the American Recovery and Reinvestment Act in 2009
$8,000 First Time Home Buyer Tax Credit
Effective for home purchases between January 1, 2009 and December 1, 2009
Features of this program
Eligible Property - Any single family residence (including condos, co-ops, townhouses) that will be used as a principle residence.
Refundable - Reduces (or can eliminate) income tax liabilty for the year of purchase. Purchasers will continue to receive refund for unused amomunt when tax return is filed.
Income Limit - Full amount of credit available for indiduals with adjusted gross income of no more than $75,000 ($150,000 on a joint return.)
First-time Homebuyer Only - Purchaser (and purchaser's spouse) may not have owned a principal reesidence in 3 years previous to purchase.
Repayment - No repayment for purchases on or after January 1, 2009 and before December 1, 2009.
Recapture - If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
