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Tax credit eligibility Roberto The economic stimulus plan signed into law in February included a financial incentive for first-time buyers -- an $8,000 tax credit, that unlike past versions does not need to be repaid. Combined with historically low interest rates and more affordable home prices, the tax credit has made the decision to purchase real estate an easy choice for many buyers.
Review the following information to see if you are eligible to take advantage of the tax credit:
1) The home purchase closed/will close on or after Jan. 1, 2009, and before Dec. 1, 2009.
2) The home is being used as a principal residence.
3) You have either never owned a home, or have not owned a home in the last three years.
4) Your modified gross income is less than $95,000 for single tax payers or $170,000 for married filers.
Posted: May 4, 2009
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