$8,000.00 Tax Credit

Q:    How much is the credit? 

A: The tax credit would be $8,000 or 10% of the purchase price, whichever is less.

Q:    What type of purchase is eligible?

A: Similar to the $7,500 tax credit included in the Housing and Economic Recovery Act of 2008, the $8,000 tax credit included in the 2009 economic stimulus plan is available for the purchase of a principal residence by first-time homebuyers

Q:  Who qualifies for the first-time homebuyer credit?

A:  According to the IRS, any taxpayer who has not owned a home during the 3 years prior to the date of purchase can qualify for the credit.

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