First-Time Home Buyer Tax Credit 
The 2009 First-Time Homebuyer Tax Credit allows buyers who haven't owned a home in at least three years to receive a refund up to $8,000!  Basically it's FREE money and most of us never get free money!
 
But you now have to HURRY because you must complete the purchase of your home by December 1st, 2009.  But there is still time to find your dream home and get this done!
 
Here's how the $8,000 Tax Credit works:
  • A "First-time home buyer" is someone who hasn't owned a home as their principal residence for the past three years.
  • You must purchase a home on or after January 1, 2009 and before December 1st, 2009.
  • You then qualify for a Federal Income Tax Credit of up to $8,000 (10% of the purchase price up to a maximum amount of $8,000).
  • If you are single and earn more than $75,000 of adjusted gross income, or more than $150,000 if you are married, you may still be available for a reduced tax credit.
  • You can file an ammended 2008 Federal Tax Return and get the refund in abut 3 - 4 weeks, or you can wait and file it winext year with your 2009 tax retrun.
  • Live in the house for at least 3 years as your principal residence and you keep the $8,000, no repayment (like a grant).  If you sell your home before 3 years, then the tax refund is repayable over time to the government, but you still got an interest free loan.
Please see your income tax filer or your tax accountant for specific details regarding your tax credit and tax return.