First-Time Home Buyer Tax Credit

Okay, you want some free money from the government? All you have to do is go out and buy a house! -and hopefully use me for your financing :)

Here are the basics:

• The tax credit is for first-time home buyers only.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

There you go! I've gotten a lot of questions about this one, so feel free to comment with yours and I'll respond in the blog so that everyone can see the answers.