First Time Home Buyer Tax Credit!

By jswartz • October 21st, 2009

Chief tax Economist from the National Association of Home Builders explaining how the $8,000 Tax Credit for first time home buyers works.
Listen to the video for all the answers to your questions and a resource for even more information.

Recap of some of the questions that are answered in the video.

1) Who is eligible to claim the tax credit?
First time home buyers are eligibly. The definition of a first time home buyer is someone who has not owned principle residence in the prior 3 year period.

2) What if I am buying the home with someone else?
If married, both must qualify as first time buyers. If not married, just one of the parties must qualify as a first time buyer.

3)How is the tax credit going to help home buyers and sellers?
It will help stimulate demand and stabilize prices. First time home buyers represent about 40% of the buying market.

4)What kind of homes qualify for this program?
Basically, any type of property as long as it is purchased for a primary residence.

5)How is the amount of the tax credit determined?
The credit is equal to 10% of the purchase price, up to $8,000.

6)Are there any income limits for claiming the tax credit?
Yes, there are income limits. Listen to the video for explanation.

The following video is from the NAR, and talks about what comes next as the deadline comes near.

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