First Time Home Buyers Federal Tax Credit

Posted on | August 19, 2009 | No Comments

First Time Home Buyers Federal Tax Credit
by Matt Clark, Cincinnati Realtor
Cincinnati Real Estate

Every day I get asked a question about the First Time Home Buyers Federal Tax Credit. It can be confusing, and you may hear some conflicting stories out there, but here are some quick facts:

Tax credit of 10% of the purchase price up to $8,000.

The credit is REFUNDABLE. This means you can receive money back if you don’t owe taxes.

Income limits are $75,000 for a single taxpayer and $150,000 for married taxpayers.

Must own the home for 3 years.

The tax credit is not meant to be used as a down-payment.

Below is a great video that I found that helps explain the first time home buyer tax credit. Feel free to call me with any questions, I’m always available to help!

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