More Info and a Great Link - What You Need to Know About the $8,000 Tax Credit!

It's a great time to be a first time homebuyer! Here's what you need to know to get your $8,000 tax credit!
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The First Time Home Buyer Tax Credit - What You Need to Know!

First-Time Homebuyer Tax Credit Comparison
Here is a quick breakdown between the original tax credit in July 2008 and the new credit that came out in February’s American Recovery and Reinvestment Act. The February 2009 Tax Credit is a much better deal for home buyers - read on!

• The original credit created by July 2008 and the revised credit was released in Feb. 2009
  Definition of first time home buyer:
  Buyer (and buyer’s spouse) may not have owned a principal residence for 3 years prior to purchase
  
• Amount of tax credit:
  The February 2009 credit allows for a maximum credit $8,000
  
• True credit or repayment?
  True credit – unless the home is sold within three years, at which point the first-time homebuyer who is now the seller) must repay the entire amount to the IRS at closing
  
• Effective dates:
  Applies to homes purchased between January 1, 2009 and November 30, 2009
  
• Tax implications:
  Reduces (or can eliminate) income tax liability for the year of purchase; e.g., buyers will pay less tax or receive a bigger refund
  
• Eligible properties:
  Any single family residence (including condos, co-ops, townhouses, etc) that will be used as a principal residence
  
• Income limits
  Full credit for individuals with a modified adjusted gross income of $75,000 or less ($150,on a joint return); partial credit for income from $75,000 to $95,000 ($150,000 to $170,000 on a joint return)
  

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Chrissy and Lisa do not give tax advice. For additional questions regarding tax advice, please consult your tax professional