Opportunity of a Lifetime for First-Time Buyers
First-Time Home Buyer Tax Credit
For aspiring home owners who find their goal stubbornly elusive, newly enacted legislation
providing a tax credit of as much as $7,500 for first-time home buyers might just
be the opportunity of a lifetime.
But like so many of the good things in life, time is of the essence for buyers who
want to take advantage of this outstanding opportunity. Only homes purchased before
July 1, 2009 are eligible.
First-Time Home Buyer Tax Credit at a Glance
- The tax credit is available for first-time home buyers only.
Under new law, first time home buyer is defined as anyone who has not owned a principal
residence within the last three years.
- The maximum credit amount is $7,500.
- The credit is available for homes purchased on or after April 9, 2008 and before
July 1, 2009.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up
to $150,000 quality for the full tax credit.
This information does not constitute the provision of legal advice, tax advice,
accounting services, investment advice, or professional consulting of any kind nor
should it be construed as such. The information provided herein should not be used
as a substitute for consultation with professional tax, accounting, legal, or other
competent advisers. Before making any decision or taking any action on this information,
you should consult a qualified professional adviser to whom you have provided all
of the facts applicable to your particular situation or question. None of the tax
information on this flyer is intended to be used nor can it be used by any taxpayer,
for the purpose of avoiding penalties that may be imposed on the taxpayer. The information
is provided "as is," with no assurance or guarantee of completeness, accuracy, or
timeliness of the information, and without warranty of any kind, express or implied,
including but not limited to warranties of performance, merchantability, and fitness
for a particular purpose.