Tax Credit for Homebuyers

First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit.  Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.

The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000.  Buyers will have to repay the credit if they sell their homes within three years.

[where: 98109] [where: 85012] [where: phoenix, AZ] [where: Seattle, WA]

Related posts:

1. Update On 2009 First-Time Homebuyers Tax Credit This year, qualifying taxpayers who buy a home before Dec....
2. First-Time Home Buyer Tax Credit expires December 1, 2009 The government's First-Time Home Buyer Tax Credit expires December 1,...
3. Time Is Running Out! Adios First-Time Home Buyer Tax Credit Program If you plan to use the First-Time Home Buyer Tax...