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First Time Home Buyer Tax Credit
The American Recovery & Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first time home buyers purchasing a principle residence on or after January 1, 2009 and before December 1, 2009.
The definition of first time home buyer is a buyer who has not owned a principle residence during the three year period prior to purchasing a home. This has to apply to both for married taxpayers.
The tax credit is 10 percent of the purchase price up to a $8,000. maximum.
Please contact your professional tax, accounting, legal, or other competent advisors for more information.
This article is for guidance only. Please contact a tax advisor, accounting services, legal, or other competent advisors before making any decision or taking any action on this information.
