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The Tax Credit Clock Is Ticking $8,000 Tax Credit Countdown

$8,000 Home Buyer Tax Credit at a Glance

1. The tax credit is for first-time home buyers only. For the tax
    credit program, the IRS defines a first-time home buyer as
    someone who has not owned a principal residence during the
    three-year prior to the purchase.

2. The tax credit does not have to be repaid.

3. The tax credit is equal to 10 percent of the home’s purchase
    price up to a maximum of $8,000.

4. The credit is available for homes purchased on or after
    January 1, 2009 to November 30, 2009.

5. Single taxpayers with incomes up to $75,000 and married
    couples with incomes up to $150,000 qualify for the full tax credit.