{"id":19363,"date":"2009-04-24T10:43:20","date_gmt":"2009-04-24T14:43:20","guid":{"rendered":"https:\/\/www.ewmrealestate.com\/blog\/?p=19363"},"modified":"2019-04-23T20:56:19","modified_gmt":"2019-04-23T20:56:19","slug":"8000-first-time-home-buyer-tax-credit-doesnt-mean-first-time-buying-a-home","status":"publish","type":"post","link":"https:\/\/ewmrealestate.com\/blog\/8000-first-time-home-buyer-tax-credit-doesnt-mean-first-time-buying-a-home\/","title":{"rendered":"$8,000 First Time Home Buyer Tax Credit-Doesn&#039;t mean First Time Buying a Home"},"content":{"rendered":"<div><span lang=\"EN\">Did you read the headline\u00a0&#8220;$8,000 First Time Home Buyer Tax Credit&#8221; and went to another article because you thought <em>I&#8217;m not eligible. I&#8217;ve\u00a0owned a home before.<\/em><\/span><\/div>\n<div><span lang=\"EN\"> <\/span><\/div>\n<div><span lang=\"EN\">Well I have news for you. <\/span><span lang=\"EN\">Did you know that &#8220;First-Time Homebuyer&#8221; <strong>doesn&#8217;t mean that it&#8217;s your first time buying a home. <\/strong>Actually it <\/span><span lang=\"EN\"> means the person has not owned a principal home in the previous 3 years.\u00a0The federal tax credit definition is <em>&#8220;The term &#8216;first-time homebuyer&#8217; means any individual if such individual (and if married, such individual&#8217;s spouse) had no present ownership interest in a principal residence during the 3-year period ending on the date of the purchase of the principal residence to which this section applies.&#8221;<\/em><\/span><\/div>\n<p>Aren&#8217;t you glad you continued reading.\u00a0 Of course not everyone will be eligibe for the tax credit.\u00a0 There is criteria that you\u00a0must meet in\u00a0order to be eligible for the tax credit.<\/p>\n<p>\u2022 The deduction is worth 10% of a home\u2019s value up to $8,000, which means all homes worth more than $80,000 could qualify for the maximum amount.<\/p>\n<p>\u2022 There is an income limit to qualify. A married couples\u2019 modified adjusted gross income (MAGI) should be under $150,000 and single filers\u2019 should be less than $75,000.<\/p>\n<p>\u2022 Partial tax credits may be available for married couples with MAGI incomes over $150,000 but under $170,000, and single with incomes over $75,000 but under $95,000.<\/p>\n<p>\u2022 If a married couple files separately, they can both claim 5 percent of the home purchase ($4,000 each for a home over $80,000) on their tax returns.<\/p>\n<p>\u2022 It\u2019s a tax credit, not a deduction. That means the entire amount goes back to the *first-time homebuyer unlike deductions, such as mortgage interest, that are subtracted from gross income before tax is calculated. If qualified for $8,000, the buyer gets $8,000, even if they would not owe that much in taxes otherwise.<\/p>\n<p>\u2022 The tax credit applies to homes purchased from Jan. 1, 2009, through Nov. 30, 2009.<\/p>\n<p>\u2022 The tax credit does not have to be paid back, providing the home buyer keeps the property for at least 36 months and resides in the home.\u00a0 Home must be your principal residence for at least 36 months.<\/p>\n<p>\u2022 To qualify as a first-time home buyer, the purchaser cannot have owned a home within the previous three-year period. However, ownership of a vacation home or rental home does not disqualify the buyer.<\/p>\n<p>\u2022 If purchasing a new home, the effective date to receive the credit is the first day the homeowner actually lives in the house. If construction began in 2008, that buyer could still qualify. And if construction begins in 2009 but the owner does not take possession until 2010, the buyer would not qualify.<\/p>\n<p>\u2022 The tax credit can be claimed on 2008 income tax forms even though the purchase took place in 2009.<\/p>\n<p>\u2022 The tax credit is not a down payment, but it could be used toward a down payment if first-time home buyers plan ahead. U.S. taxpayers have money withheld from every paycheck for income taxes. If they owe more tax than the amount deducted, they pay the IRS; if they owe less, they get a tax refund.<\/p>\n<p>By anticipating at least an $8,000 refund in early 2010 when they file 2009 taxes, buyers could cut down on their tax withholding this year and save the money toward a downpayment. There is one caveat, however: Should they not buy a home in the qualifying period, they would still owe the IRS the money, and reducing their withholding amount could result in a high bill at tax time.<\/p>\n<p>To help home buyers understand the ways they can file to receive the homebuyer credit, the IRS has release additional information.\u00a0<a href=\"http:\/\/www.irs.gov\/newsroom\/article\/0,,id=205416,00.html\"> <em>Click here for IRS information.<br \/>\n<\/em><\/a><\/p>\n<div><span lang=\"EN\"> <\/span><\/div>\n<div><span lang=\"EN\"> <\/span><\/div>\n<div><span lang=\"EN\"> <\/span><\/div>\n<div><span lang=\"EN\"> <\/span><\/div>\n<div><span lang=\"EN\"> <\/span><\/div>\n<div><span lang=\"EN\"> <\/span><\/div>\n<div><span lang=\"EN\"> <\/span><\/div>\n<p><span lang=\"EN\"> <\/span><\/p>\n<div><span style=\"font-size: x-small\"> <\/span><\/div>\n<div><span style=\"font-size: x-small\"> <\/span><\/div>\n<div><span style=\"font-size: x-small\"> <\/span><\/div>\n<div><span style=\"font-size: x-small\"> <\/span><\/div>\n<div><span style=\"font-size: x-small\"> <\/span><\/div>\n<div><span style=\"font-size: x-small\"> <\/span><\/div>\n<div><span style=\"font-size: x-small\"> <\/span><\/div>\n<div><span style=\"font-size: x-small\"> <\/span><\/div>\n<p><span style=\"font-size: x-small\"> <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Did you read the headline\u00a0&#8220;$8,000 First Time Home Buyer Tax Credit&#8221; and went to another article because you thought I&#8217;m not eligible. I&#8217;ve\u00a0owned a home before. Well I have news for you. Did you know that &#8220;First-Time Homebuyer&#8221; doesn&#8217;t mean that it&#8217;s your first time buying a home. Actually it means the person has not<\/p>\n<p class=\"more-link\"><a href=\"https:\/\/ewmrealestate.com\/blog\/8000-first-time-home-buyer-tax-credit-doesnt-mean-first-time-buying-a-home\/\" class=\"themebutton2\">Read More<\/a><\/p>\n","protected":false},"author":5437,"featured_media":130092,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[11767],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>$8,000 First Time Home Buyer Tax Credit-Doesn&#039;t mean First Time Buying a Home - BHHS EWM Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ewmrealestate.com\/blog\/8000-first-time-home-buyer-tax-credit-doesnt-mean-first-time-buying-a-home\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$8,000 First Time Home Buyer Tax Credit-Doesn&#039;t mean First Time Buying a Home - BHHS EWM Realty\" \/>\n<meta property=\"og:description\" content=\"Did you read the headline\u00a0&#8220;$8,000 First Time Home Buyer Tax Credit&#8221; and went to another article because you thought I&#8217;m not eligible. I&#8217;ve\u00a0owned a home before. Well I have news for you. Did you know that &#8220;First-Time Homebuyer&#8221; doesn&#8217;t mean that it&#8217;s your first time buying a home. Actually it means the person has notRead More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ewmrealestate.com\/blog\/8000-first-time-home-buyer-tax-credit-doesnt-mean-first-time-buying-a-home\/\" \/>\n<meta property=\"og:site_name\" content=\"BHHS EWM Realty\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/EWMRealtyInternational\" \/>\n<meta property=\"article:published_time\" content=\"2009-04-24T14:43:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-04-23T20:56:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ewmrealestate.com\/blog\/wp-content\/uploads\/2019\/06\/BHHS-On-Solid-Background.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"376\" \/>\n\t<meta property=\"og:image:height\" content=\"376\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Debra Spadafora\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Debra Spadafora\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ewmrealestate.com\/blog\/8000-first-time-home-buyer-tax-credit-doesnt-mean-first-time-buying-a-home\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ewmrealestate.com\/blog\/8000-first-time-home-buyer-tax-credit-doesnt-mean-first-time-buying-a-home\/\"},\"author\":{\"name\":\"Debra Spadafora\",\"@id\":\"https:\/\/ewmrealestate.com\/blog\/#\/schema\/person\/9980000bb662aff02a03bbf507c06833\"},\"headline\":\"$8,000 First Time Home Buyer Tax Credit-Doesn&#039;t mean First Time Buying a Home\",\"datePublished\":\"2009-04-24T14:43:20+00:00\",\"dateModified\":\"2019-04-23T20:56:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ewmrealestate.com\/blog\/8000-first-time-home-buyer-tax-credit-doesnt-mean-first-time-buying-a-home\/\"},\"wordCount\":604,\"publisher\":{\"@id\":\"https:\/\/ewmrealestate.com\/blog\/#organization\"},\"articleSection\":[\"EWM News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ewmrealestate.com\/blog\/8000-first-time-home-buyer-tax-credit-doesnt-mean-first-time-buying-a-home\/\",\"url\":\"https:\/\/ewmrealestate.com\/blog\/8000-first-time-home-buyer-tax-credit-doesnt-mean-first-time-buying-a-home\/\",\"name\":\"$8,000 First Time Home Buyer Tax Credit-Doesn&#039;t mean First Time Buying a Home - 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I&#8217;ve\u00a0owned a home before. Well I have news for you. Did you know that &#8220;First-Time Homebuyer&#8221; doesn&#8217;t mean that it&#8217;s your first time buying a home. Actually it means the person has notRead More","og_url":"https:\/\/ewmrealestate.com\/blog\/8000-first-time-home-buyer-tax-credit-doesnt-mean-first-time-buying-a-home\/","og_site_name":"BHHS EWM Realty","article_publisher":"https:\/\/www.facebook.com\/EWMRealtyInternational","article_published_time":"2009-04-24T14:43:20+00:00","article_modified_time":"2019-04-23T20:56:19+00:00","og_image":[{"width":376,"height":376,"url":"https:\/\/ewmrealestate.com\/blog\/wp-content\/uploads\/2019\/06\/BHHS-On-Solid-Background.jpg","type":"image\/jpeg"}],"author":"Debra Spadafora","twitter_misc":{"Written by":"Debra Spadafora","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ewmrealestate.com\/blog\/8000-first-time-home-buyer-tax-credit-doesnt-mean-first-time-buying-a-home\/#article","isPartOf":{"@id":"https:\/\/ewmrealestate.com\/blog\/8000-first-time-home-buyer-tax-credit-doesnt-mean-first-time-buying-a-home\/"},"author":{"name":"Debra Spadafora","@id":"https:\/\/ewmrealestate.com\/blog\/#\/schema\/person\/9980000bb662aff02a03bbf507c06833"},"headline":"$8,000 First Time Home Buyer Tax Credit-Doesn&#039;t mean First Time Buying a Home","datePublished":"2009-04-24T14:43:20+00:00","dateModified":"2019-04-23T20:56:19+00:00","mainEntityOfPage":{"@id":"https:\/\/ewmrealestate.com\/blog\/8000-first-time-home-buyer-tax-credit-doesnt-mean-first-time-buying-a-home\/"},"wordCount":604,"publisher":{"@id":"https:\/\/ewmrealestate.com\/blog\/#organization"},"articleSection":["EWM News"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/ewmrealestate.com\/blog\/8000-first-time-home-buyer-tax-credit-doesnt-mean-first-time-buying-a-home\/","url":"https:\/\/ewmrealestate.com\/blog\/8000-first-time-home-buyer-tax-credit-doesnt-mean-first-time-buying-a-home\/","name":"$8,000 First Time Home Buyer Tax Credit-Doesn&#039;t mean First Time Buying a Home - 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