$8,000 Tax Credit For Home Buyers

The $8,000 tax credit for first-time home buyers should entice some first-time home buyers to “jump-in” and buy a home, but it may prove to do little in increasing overall demand as first-time home buyers represent a small percentage of the entire market. Only time will tell if the tax credit is effective.

• Available only to first-time home buyers
• The tax credit is not a loan and does not require repayment (If the home is sold within 3-years, the $8,000 tax credit must be re-paid)
• The tax credit reduces the home buyer’s tax liability; if the buyer’s liability is less than $8,000, the remaining credit will be issued as a check
• Home purchase must be for a primary residence
• The credit is available on home purchases between January 1, 2009 and December 1, 2009
• If you are single and make $75,000 or more, or are married and make $150,000 or more, you do not qualify for the tax credit
• The credit is not eligible if the seller is a relative of the buyer

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Helen says...
on 02/25/09

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How will a single person who makes less than $75,000 pay back an $8000 tax credit if for some unforeseen reason they have to sell their house and move within that 3 yr period? Sometimes I think politicians spend too much time talking and not enough time thinking!

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