Do I qualify for the $8000 tax credit for new homeowners?

It seems that different sources will provide you with different information regarding who and how to qualify for this much talked about home buying tax credit. I've done some research and think I've nailed it down for you. I'll give you the basics and the link to National Association of Homebuilders where I found what I thought was the best website and most easy to navigate (meaning it's NOT a federal or govennment website). They know the deal, because they have to. So, here are the basics.

$8,000 Home Buyer Tax Credit at a Glance:

The tax credit is for first-time home buyers only.

The tax credit does not have to be repaid.

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

The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.

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

The link to answer more of your questions is here http://www.federalhousingtaxcredit.com/2009/home2.html

I urge you to go there and read it before you go shopping if this is a major part of your buying decision due to the fact that it's not always what it seems. For instance, as you read above, the first rule is that you have to be a "first time homebuyer". The definition for that is listed as this..."The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse."

That's not what I would think a first time home buyer would be, but, they make the rules and that could be an $8000.00 advantage to you. Temps in the 40's and 50's for the next 4-5 days...Spring does happen! Have a great day!!!