YourHomeUtah.com
$8,000 Tax Credit
Congress Has Approved An $8,000 Tax Credit for Homebuyers!
The credit is available to first-time home buyers and/or people who have not owned a home for three or more years. The credit applies to purchases made between 1/1/09 and 12/01/09.
Q: How much is the tax credit?
A: $8,000 or 10% of the purchase price, whichever is less.
Q: What type of purchase is eligible?
A: The purchase of a principal residence by first-time homebuyers.
Q: Who qualifies for the first-time homebuyer credit?
A: According to the IRS, any taxpayer who has not owned a home during the three years prior to the date of purchase can qualify for the credit.
Q: Do I have to repay the credit?
A: NO, as long as you live in the home three or more years.
Q: Are there income limitations on the tax credit?
A: The credit phases out for individuals with ADJUSTED gross income over $75,000 or married couples over $150,000.
For more information please call (801) 824-5070
