$8,000 First-Time Homebuyers Tax Credit

Overview

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers.

• Frequently asked questions about the $8,000 first-time home buyer tax credit.
• Frequently asked questions about the $6,500 tax credit for repeat home buyers.
• Some key points for prospective home buyers.
• Special rules that apply to members of the military, the foreign service and the intelligence community.

Learn More

Further information can be found at www.federalhousingtaxcredit.com or www.irs.gov. This information is provided for general awareness only, and is not intended for the purpose of providing legal, accounting, tax advice or consulting of any kind. Please consult with your tax professional for complete details.

To find a GMAC Real Estate Agent in your community to help you understand and take advantage of the first-time homebuyer tax credit and get started finding your first home click here.