Up to $8,000 First-Time Homebuyer Tax Credit
The American Recovery and Reinvestment Act of 2009 provides for an
$8,000 tax credit that would be available to first-time homebuyers.
The credit does not require repayment, and it 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.