Home Buyer Tax Credit Information

First Time Home Buyer Credit

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. There are income limits for this credit and you must be a first time homebuyer (not owned any real estate in the last 3 years).

For more information: http://www.federalhousingtaxcredit.com/2009/index.html

Tax Credit for New Home Purchase

A $10,000 tax credit is available for qualified buyers who on or after March 1, 2009, and before March 1, 2010, purchase a qualified principal residence that has never been occupied. The buyer must reside in the new home for a minimum of two years immediately following the purchase date.

You do not have to be a first time homebuyer to take advantage of this credit, nor are there any income limits. This tax credit can also be combined with the First Time Homebuyer Credit mentioned above.

For more information: http://www.ftb.ca.gov/individuals/New_Home_Credit.shtm