Stimulus package gives tax breaks to first time home buyers

The stimulus package passed by Congress and signed by President Obama give first time home buyers a tax credit.  Check out the information below to see who to qualify.
First Time Home Buyers Tax Credit
  • 10% of purchase price of home up to $8000
  • Must not have owned a home in the last three years
  • Income up to $75,000 for singles, $150,000 for couples
Getting the Home Buyer Tax Credit
Claim it on 2008 Tax Return
  • Use it toward purchase of home in 2009
  • Must close on house between January 1-November 30 2009
Getting the Home Buyer Tax Credit
TCAL-Tax Credit Advance Loan
  • Single or Couple making less than $85,500
  • Can borrow up to $6750.00 for use at closing
  • $350.00 fee, pay loan back when tax credit received
Getting the Home Buyer Tax Credit
Tax Withholding
  • File W-4 with employer
  • No Federal taxes out of paycheck until credit amount reached
Learn more about the home buyer tax credit.