First Time Home Buyer Tax Credit - Quick Facts

· The tax credit applies to first time home buyers only. A first time home buyer is defined as anyone who has not owned a home in the last 3 years.

· If held more than 3 years, the tax credit does not have to be repaid.

· The tax credit is calculated at 10% of the home’s purchase price up to a maximum of $8,000.

· Principal residences, purchased after April 8, 2008 and before December 1, 2009 qualify for the credit.

· Singles taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 may qualify for the full tax credit.

Consult your tax professional about how this credit can benefit you!