The IRS has recently announced that a new tax credit will be available for “first” time homebuyers up to $8,000

To qualify for the tax credit you must:

1.    Be considered a “first” time homebuyer, meaning you haven’t own a home for the past three years.

2.    Your adjusted gross income is below $75,000 for single filers and $150,000 for married filers.

3.    The “credit” is 10% of the purchase price of the home up to $8,000  (A home purchase price of the first $80,000 qualifies)

4.    You must have purchased you home between January 1, 2009 and November 30, 2009

5.  Related parties tranactions do not qualify.

This is a refundable credit; meaning the $8,000 will be refunded to you if all you taxes are paid.