2009 Tax Law Changes You Need to Know (Page 4 of 13)
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New Tax Rule #3: First-time Home Buyer Credit
In order to help stimulate the housing market, the Obama administration has created a special $8,000 credit for first-time home buyers. If you are considering buying a home, this is a great incentive!
In order to qualify, you can not have owned a principal residence for the three years prior to buying this home. The credit applies to homes purchased between January 1 and December 31, 2009. Unlike the earlier $7,500 tax credit, this tax credit does NOT have to be repaid. You must own the home for at least three years in order to keep the credit.
There are income limits and other special rules, so be sure to ask your tax advisor or do your research to learn all the details.
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