This post is regarding the tax credit that expired in 2009. This does not reflect the changes made for the extension or the expansion of the tax credit for 2010.
$8,000 First Time Home Buyer Tax Credit
The first time home buyers seem to be out in force in Rochester as of late! Not only are interest rates at or near all time lows, the new $8,000 First-Time Home Buyer Tax Credit seems to be a popular topic of conversation.
According to the National Association of Home Builders, some of the highlights of the tax credit are as follows:
- 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.
The definition of a first-time home buyer for tax credit purposes is a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
Related posts:
- If you’re looking to purchase Rochester MN real estate it’s not too late to take advantage of the $8,000 tax credit!
- Homebuyer Tax Credit Extended & Expanded
- Great Experience with a First Time Home-Buyer!
- Clock Ticking on First Time Home Buyer Tax Credit
- Tips for any Prospective First Time Home Buyer!
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