Economic Stimulus of 2009 Approves a $8000 Tax Credit for Homebuyers!
Here is the bullet points of who qualifies and how this may apply to you.
Home Buyer's $8,000 Tax Credit in a Nut Shell.
1. The tax credit is for first-time home buyers only.
2. A first time homebuyer is defined by the IRS as someone who has not owned a principal residence over the last three years from date of purchase.
3. Their is no repayment of the tax credit. It's for the benefit of the buyer only.
4. The maximum tax credit is $8000 or no more than 10 percent of the home's purchase price. In Portland most homes are worth more than $80,000 so this is a non-issue.
5. The timeline for this credit is for homes purchased from January 1, 2009 to before December 1, 2009.
6. The income qualifications are $75,000 for single taxpayers and married couples with incomes up to $150,000 qualify for the full tax credit.
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