Did You Buy a Home This Year? Don't Forget Your Tax Credit!

Legislation passed in 2008 provides a tax credit for first-time home buyers. The credit equals 10% of the home's purchase price up to a maximum credit of $7,500. The credit applies to homes purchased on or after April 9, 2008 and before July 1, 2009. The credit is available in full for single taxpayers with income up to $75,000 and married taxpayers with combined incomes of up to $150,000. Under this credit, your tax bill is reduced (or your refund increased) dollar for dollar up to the $7,500 maximum.

The credit is claimed on the tax return for the year in which the home was purchased. If the purchase was made in 2009, you can elect to take the credit in either 2008 or 2009, whichever provides you the greatest tax benefit.

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