In-Depth: 2009 First-Time Home Buyer Tax Credit
The homebuyer tax credit is one of 10 key provisions of the American Recovery and Reinvestment Act signed by President Obama into law on Feb. 17, 2009.
The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
Breaking News:
NAR Letter to the U.S. Senate: Vote YES on Cloture on the Reid-Baucus Amendment (Nov. 2) (PDF: 87K)
Extending the Credit - Almost There (Oct. 30)
Take Action: Urge Congress to Extend and Expand the First-Time Home Buyer Tax Credit (Sept. 15)
The Basics>
Who qualifies, which properties are eligible, how much will the credit be, etc.
Additional Resources
Enter NAR's First Time Home Buyer Tax Credit Video Contest>
FHA Insured Mortgages and First-Time Homebuyer Tax Credit> (PDF: 220K)
HUD's Mortgagee Letter: Using First-Time Homebuyer Tax Credits> (PDF: 30K)
First-Time Homebuyer Tax Credit Brochure> (PDF: 596K)
Chart Highlighting the Major Modifications to the First-Time Homebuyer Tax Credit> (PDF: 309K)
Frequently Asked Questions> (PDF: 483K)
Download the IRS First-Time Homebuyer Tax Credit Form 5405> (PDF: 257K)
NAR's Presentation: The 2009 First-Time Homebuyer Tax Credit> (PDF: 319K)
NAR's Presentation: The 2009 First-Time Homebuyer Tax Credit>
(PPT: 218K)
