Home > First-Time Homebuyers Get $8000
Great news for first-time home buyers*!
You can receive a tax credit of up to $8,000 for buying your first home.**
The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers* who purchase a home after December 31, 2008 and before December 1, 2009. With home prices lower than they have been in a long time, this is a great opportunity to become a new homeowner.
Participating in the tax credit program is easy. You claim the tax credit on you federal income tax return.
 The tax credit is a straight dollar-for-dollar reduction of you tax bill.
For first-time home buyers* purchasing a home, the tax credit is equal to 10% of the home's purchase price, not to exceed $8,000.
The credit begins to phase out for taxpayers with adjusted gross income in excess of $75,000, or $150,000 in the case of a joint return.
Within the first three years of the purchase date, if you sell the home or it ceases to be your primary residence, the tax credit must be repaid to the Internal Revenue Service.
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