First-Time Homebuyer Tax Credit

The "American Recovery and Reinvestment Act of 2009" went into effect on February 17th, 2009 for first-time homebuyers. A first-time homebuyer is someone that has not owned a property in the last three years. An $ 8,000 Tax credit, or 10% of the home's value, whichever is less - will be given on buyer's 2008 or 2009 Taxes. This amount will not need to be repaid if the buyer lives in the home for at least three years or more. This applies to principle residences only - single family, condo or townhouse. Income Requirements are a maximum of $ 75,000 for a single buyer and $ 150,000 for a married couple. The credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser. This offer is valid if home is purchased between 01-01-09 and 12-01-09.