Things to Remember About $8000 Tax Credit

Friday, July 31, 2009

by Eileen Walsh

Time is running out on the $8000 first-time home buyer tax credit. Here are some things to remember: los angeles home

It is a tax credit to home buyers, not a loan.
It is only for first time home buyers, defined as someone who has not had an ownership interest in a principle residence in the 3 year period prior to the date of the 2009 purchase.
You must remain in the home for a minimum of 3 years.
It is applicable to purchases between January 1, 2009 and December 1, 2009.
Full credit is available to those with adjusted gross income of $75,000 or less ($150,000 for married filing jointly). The credit is phased out entirely for those with adjusted gross income over $95,000 ($170,000 for married filing jointly).