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First Time Buyer Tax Credits

Emergency Tax Credit for First Time Home Buyers

On July 30, 2008, President George W. Bush signed important housing legislation designed to help home buyers and strengthen the housing finance system, according to the National Association of Home Builders.

Overview of First Time Buyer Tax Credits

An important part of this legislation is specifically aimed at assisting qualified first time home buyers who have been unable to purchase their own homes due to the recent downturn in the credit market. Here are a few of the important points in the bill relating to this tax credit opportunity.

  • A tax credit is now available for first-time home buyers only.
  • By law, a First Time Home Buyer is someone who has not owned a principal residence during the three years prior to the purchase. If the taxpayer is married, the law examines the history of both the home buyer and the spouse. As an example, if you have not owned a home in the past three years, but your husband or wife has, neither of you qualifies for the first-time home buyer tax credit.
  • Tax credits are provided up to $7,500.
  • The credit is available if you purchase your home on or after April 9, 2008 and before July 1, 2009.
  • First-time Home Buyer Tax Credits apply to all single-family detached homes. Any home purchased by an eligible first-time home buyer will qualify for this credit as long as it is used as the principal residents and the homeowner has not owned a home in the prior three year period.
  • If you are a single taxpayer with an income up to $75,000 or a married couple with incomes up to $150,000, you may qualify for the full tax credit.

Please note that this information is for information only. It should not be used in place of a consultation with your professional tax, accountant, legal or other trained adviser. You should consult with one of these qualified professionals with all of the facts that apply to your particular situation before making any decision or taking any action as a result of this information.

Links for More Information

National Association of Home Builders – Click here.

To find a local Palm Harbor model center to request more information about this First Time Home Buyers program, please click here or call 1-888-466-3718 to be automatically routed to your closest Palm Harbor Homes model center.