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$8000 1st Time Homebuyer's Tax Credit. No Repayment*
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*The $8000 tax credit is available only to first-time homebuyers when they purchase as their primary residence (between January 1, 2009 and December 1, 2009). It does not require repayment and is claimed on a tax return which reduces the tax liability. If the credit is more than the tax liability, the unused credit will be issued as a check to the person claiming the credit. If you sell the home within 3 years, the entire $8000 tax credit is recaptured.
AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009
Consult a tax professional for more information.
