Federal $8,000 Tax Credit for 1st time homebuyers:
Time frame to buy? - By December 1, 2009
First-time home buyer? - A buyer who has not owned a home for three years.
Married first-time buyer? - Both buyers have not owned a home for three years.
Claim tax credit? - Claim the tax credit on your federal income tax return.
Other form or forms? - No other form except your federal income tax return.
Credit limits? - Single $75,000, Married $150,000.
Building a custom home? - You qualify, but you have to occupy the home by Dec. 1, 2009.
Buying a new home? - You qualify, but the settlement day has to be by Dec. 1, 2009.
Tax credit pay back? - You are not required to repay except for certain conditions.
Access the tax credit now? - Change your withholding numbers.
Mortgage Revenue Bonds? - Allow tax credit home buyers to participate.
Loan credit? - State housing finance agencies to help buyers at closing by advancing the credit amount as a loan.
$8,000 Housing Tax Credit