2009 First-time Home Buyer Tax Credit

Effective Dates: January 1, 2009 - December 31, 2009

Amount of credit: Lesser of 10% of purchase price or $8,000.

NEW - Repayment: NO repayment for purchases between 1/1/09 - 12/31/09 (2008's credit had to be paid back over 15 years)

Eligible: First-time home buyers (haven't owned in 3+ years) whose gross income is less than $75,000 ($150,000 joint), purchasing a single family residence. Those with higher incomes may be eligible for partial credit.

Recapture: If the home is sold within 3 years of purchase, entire amount of credit is recaptured on sale.