Fact Sheet
First-Time Homebuyer $8,000 Tax Credit for 2009

• The $8,000 First-time Buyer Tax Credit enacted in 2009 applies to purchases made on or after January 1, 2009 and December 1, 2009.
  
• The credit does not have to be repaid, as long as the first-time buyer retains ownership for 36 months.
  
• First-time buyers do not have to wait to file their 2009 Tax return to claim the credit, they can claim the credit on their 2008 tax return.
  The $8,000 credit is refundable. This means that even if the buyer(s) do not owe any taxes, they will get the credit as a refund. Buyers who owe taxes will receive the difference between what they have to pay and the amount of the credit, up to $8,000.
  Buyers who have already filed their 2008 tax return can file an amended return at anytime during 2009 and get the benefit of the credit, sooner rather than later.
  
• The credit is available to individuals with annual adjusted gross income (AGI) of less than $75,000 and is available to married couples with adjusted gross incomes under $150,000.
  For individuals with incomes over $75,000 AGI, the credit is available but it decreases incrementally to zero at $95,000 AGI. For married couples with incomes over $150,000 the credit is available, but it decreases incrementally to zero at $170,000 AGI.
  
• A first-time buyer is someone who has not owned a home in the past three years.