The new tax credit is available for first-time home buyers. A first-time home buyer is defined as a “buyer who has not owned a principal residence during the 3 year period prior to the purchase.” For married taxpayers, the law tests the home ownership history of both the home buyer and his/her spouse. If one is ineligible, both may be.
How Do I Receive My Tax Credit?
Buy a house today and when you file your 2009 tax return the credit will offset any tax obligation you may have. The credit balance will be refunded to you by the IRS!
Is the Tax Credit a “True Credit”?
Yes! Unlike the tax credit program offered in 2008, this tax credit does not require repayment as long as the home you purchase is your principal residence and you reside in it for at least 3 years!