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Do you know about the $8,000 tax credit available to first-time home buyers?

• The tax credit is for first-time home buyers only. For the tax credit program, the IRS is defining a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase
• As long as the home buyer stays in the home for three years the credit does not have to be repaid
• The tax credit is equal to 10% 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
• Remember it is a tax credit, not a tax deduction. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.
• For more information go to www.FederalHousingTaxCredit.com. This is not tax advice, seek the advice of a tax professional.