Tax Credit for Homebuyers
First-Time Homebuyers (FTHBs): First-time homebuyers
(that is, people who have not owned a home within the last three years) may be eligible for the tax credit.
The credit
for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000.
Single taxpayers and
married couples filing a joint return may qualify for the full tax credit amount.
Current Owners: The tax
credit program now gives those who already own a residence some additional reasons to move to a new home.
The
tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive
comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence
for a period of five consecutive years during the last eight years.
Single taxpayers and married couples
filing a joint return may qualify for the full tax credit amount.
