First time home buyers are eligible to receive a income tax home credit of 10% of the purchase price, under certain circumstances.
Income Tax Home Credit Qualifications
Your adjusted gross income must not exceed $75,000 or $150,000, if you file a joint return.
If your financing comes from tax-exempt mortgage revenue bonds or if you are a non-resident alien, you cannot qualify for this income tax home credit.
$8,000 Nonrefundable Credit For A Qualified First Time Home Buyer
If you are eligible, you are subject to receive a income tax home credit of up to $8,000.
If you bought the home in 2009, you do not have to repay this amount back, unless you resell the home or the home ceases to be your main residence within three years after the purchase.
Tax News Updates:
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