Time running out for first time buyer Tax Credit! PDF Print E-mail
Written by Steve Klemm   
Tuesday, 04 August 2009 11:12

As you probably already know, there is a first-time home buyer tax credit out there for qualified home purchases in 2009.  This is not a tax deduction, but rather a pure tax credit - you are credited the $8,000 (or less depending on the price of the home) after you calculate the taxes owed or the tax refund to which you are entitled.

This tax credit:

  • Is for 10% of the purchase price up to $8,000
  • Only available to first time home buyers (those that have not owned a home in the last three years)
  • Does not have to be repaid (must stay in home minimum of 3 years)
  • Income limits of $75,000 for individual taxpayers, $150,000 for married taxpayers (partial credits are available)
  • Expires Dec. 1, 2009 - meaning you must CLOSE on the home by November 30, 2009
  • Allows tax credit home buyers to participate in the mortgage revenue bond program (in Illinois, this is referred to as the I-Loan program)


More information on the first-time home buyer tax credit can be found at www.federalhousingtaxcredit.com.  Please call me with any questions about this tax credit at 341-5274.