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First Time Home Buyer Tax Credit

Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers.

First-time home buyers purchasing any kind of homenew or resaleare eligible for the tax credit.

The tax credit is equal to 10 percent of the homes purchase price up to a maximum of $8,000.

Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return.

A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. The tax credit does not have to be re-paid.

Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

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