Qualified homes of first time homebuyers purchased after Apr. 8, 2008 and before July 1, 2009, are eligible for a refundable tax credit equal to the lesser of 10% of the purchase price of a principal residence or $7,500 ($3,750 for married individuals filing separately).
Two or more unmarried persons purchasing a home together will share the credit as described by the IRS in future rulings.
Phase out for single filers: MAGI between $75,000 and $95,000
Phase out for joint filers: MAGI: $150,000-$170,000
Definition – First Time Homebuyer – A homebuyer that has no present ownership interest in a primary residence in the U.S. during the 3-year period before the purchase of the new home subject to the credit.
The credit is subject to the regular recapture rules.
Eligible first-time homebuyers who purchase a principal residence after Dec. 31, 2008, and before July 1, 2009, may elect to treat the purchase as made on Dec. 31, 2008.
Unlike any other individual federal tax credit, taxpayers must repay the first-time homebuyer credit. They will have 15 years to repay the credit, interest free. Repayments start two years after the year in which the residence is purchased. Payments must be made in equal installments over those 15 years.
Two or more unmarried persons purchasing a home together will share the credit as described by the IRS in future rulings.
Phase out for single filers: MAGI between $75,000 and $95,000
Phase out for joint filers: MAGI: $150,000-$170,000
Definition – First Time Homebuyer – A homebuyer that has no present ownership interest in a primary residence in the U.S. during the 3-year period before the purchase of the new home subject to the credit.
The credit is subject to the regular recapture rules.
Eligible first-time homebuyers who purchase a principal residence after Dec. 31, 2008, and before July 1, 2009, may elect to treat the purchase as made on Dec. 31, 2008.
Unlike any other individual federal tax credit, taxpayers must repay the first-time homebuyer credit. They will have 15 years to repay the credit, interest free. Repayments start two years after the year in which the residence is purchased. Payments must be made in equal installments over those 15 years.
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