$8,000 Home Buyer Tax Credit at a Glance

Here are some facts about the new tax credit as provided by the UALR University District.


· The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.

· 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.

Persons interested in using the tax credit should review the “frequently asked questions” section at the www.federalhousingtaxcredit.com website.