Who can qualify?

$8,000 Home Buyer Tax Credit at a Glance

• 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.

Frequently Asked Questions:

• What is a First Time Homebuyer?  The law qualifies this as someone who has not owned a home within the past three years. 
• Is this credit the same as the $7500 tax credit from last year?  No, the $7500 tax credit had to be repaid over a period of time.  The $8000 Tax Credit is a true credit.  It’s like cash in hand.
• How do I claim the tax credit?  Simply file your tax return.
• I bought a home and claimed the $7500 tax credit.  Can I change over to the $8000 credit?  Yes, just file an amended return.
• Is it too late to claim the tax credit on my 2008 tax returns?  No, you may claim the tax credit as if the home was purchased on December 31, 2008.  If you have not filed your 2008 return, you may elect the credit in 2008.
• What kind of residence qualifies?  You may purchase a detached home, an attached home (like a townhome or condominium), a manufactured home or even a houseboat.