Posts from March 23rd, 2009
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23
2009 - First Time Homebuyer Tax Credit - FAQ's
1. How much can I claim for the tax credit?
Borrowers can claim up to $8,000 or 10% of the home's purchase price, whichever is less..
2. Who is eligible for this tax credit?
First time homebuyers, defined as those who have not owned a principal residence during the three year period prior to purchase of the home. For married couples, their prior ownership applies to both the homebuyer and his/her spouse.
3. Does this tax credit need to be repaid?
No repayment is necessary as long as the home is used as a principal residence for at least three years. If it is not, the entire amount of the credit is recaptured. Certain exceptions apply. The $7,500 tax credit that is available for qualified purchases in 2008 does require repayment.
4. How long is this tax credit valid?
The tax credit is valid on eligible homes purchased on or after January 1, 2009 and before Decem...
