First Time Home Buyer Tax Credit Explained
Redfin's website has a nice, clear exposition of the current administration's $8,000 credit upon purchase of a first home. Key points:• You're only eligible for this credit if you buy between January 1, 2009 and November 30, 2009.
• You're defined as a first-time home buyer if you haven't owned a home in three years.
• There are restrictions based on modified adjusted gross income levels e.g. Filing jointly with a gross income of between $150,000 and $170,000 means you're eligible for a reduced credit.
More information is available from the IRS.