Frequently Asked Questions About the 1st Time Buyer Tax Credit

Question: If I haven't filed my 2008 income tax return yet can I claim the the $8,000 credit for a home purchased on or after January 1st, 2009?

Answer: YES! You can claim it on your return due April 15th. You can file for an extension or even amend a previously filed return.

Question: Do I have to repay the tax credit?

Answer: Not as long as you stay in the home for three years.

Question: Is there an "adjust4ed gross" income restriction (line 37 on IRS form 1040)?

Answer: YES> It's $$75,000 for single or head of household. It's $150,000 for marries couples filing jointly.

Please check with your own tax advisor to confirm your own personal eligibility for this program.