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Video Interview: Tax Economist Answers Questions About the Home Buyer Credit
Rob Dietz, Ph.D., director of tax issues for the National Association of Home Builders, discuses the $8,000 first-time home buyer tax credit in this videotaped interview.
Buy before December 1, 2009 and take advantage of the $8,000 tax credit.
$8,000 Home Buyer Tax Credit at a Glance
The information on this page pertains to the American Recovery and Reinvestment Act of 2009.
- 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.