First-Time Homebuyer Tax Credit: Check Out These Surprising, Little-Known Facts

Economic Stimulus

The IRS has made changes to the first-time homebuyer tax credit for tax year 2009.  Click here to read the updated post.

You’ve probably heard of the First-Time Homebuyer Tax Credit, a popular tax break that’s part of the 2009 economic stimulus plan.

If you buy a home between January 1, 2009 and November 30, 2009 — and you qualify — the government will give you up to $8,000. And you don’t have to repay it, as long as you live in the home for at least three years.

First-Time Homebuyers Credit - Economin Stimulus
First-Time Homebuyers Credit - Economin Stimulus

This tax credit has some interesting twists that just might help you qualify:

  • First off, you don’t necessarily have to be a first-time homebuyer.
  • The home you purchase doesn’t have to be a house.
  • Someone else, such as a friend, relative or a parent, can help pay the mortgage, and you get the credit.
  • If you want to rent out part of your main home, you can still qualify to receive the credit.

To get the details, read more about the homebuyer’s credit.