Dee Dee Burch

Realtor

Traverse City 522

522 E. Front Street

Traverse City, MI49686

Mike Heath › Blog › $8000 tax credit for first time homebuyers... read more

Main: 231-929-2300 Office: 231-929-2300
Fax: 231-929-2322 Cell: 231-620-9900
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$8000 tax credit for first time homebuyers... read more

 If you purchase a home between January 1, 2009 and November 30, 2009 you can claim a credit worth $8,000 - or 10% of the home's value, whichever is less- on your 2008 or 2009 taxes.  Unlike the previous $7,500 tax credit, you do not have to pay this back. 

To qualify for the tax credit, buyers must make less than $75,000 for singles or $150,000 for couples.  Higher-income buyers may receive a partial credit.  You qualify as a "first time" buyer if you have not owned a home for the past three years.    Also, you must live in the house for at least three years, or you will be obligated to pay back the credit.

 

 

Posted by Dee Dee Burch @ 10:02 AM on 03/11/2009