There are two additional points:
1. The credit can be recaptured if the home is sold within 36 months of the purchase date (there are exceptions to this repayment).
2. The credit can be claimed on the buyers' 2008 return - even if the home is purchased in 2009! If the 2008 return has been filed, an amended return can be done.
If you have more questions, you can contact me and/or refer to my blog.
Fairway Independent Mortgage - Tulsa
Time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible. 8,000 Home Buyer Tax Credit at a Glance
The tax credit is for first-time home buyers and home buyers who have not owned a home in the last 3 yrs.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the homeâ€™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.
If you need more information on this and other incentives, contact me at email@example.com