Homebuyer Tax Credit

REVISED CREDIT –
EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
The Credit has been increased to $8000, up from $7500. The credit reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit is refunded to purchaser when you file your income tax. The full amount of credit is available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000). First-time Homebuyer Only; Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase. Unlike last years $7500 Tax Credit there is no repayment requirement unless the home is sold within three years of purchase, then the entire amount of credit is recaptured on sale.

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