First Time Home Buyer Credit

$8000 home buyer tax credit is official. Some points to keep in mind are:

• Available to first time home buyers only.
• The tax credit is not a loan and no repayment is required UNLESS the home is sold within 3 years, then the tax credit must be repaid.
• If you are single and make $75,000 or more, or are married and make $150,000 or more, you do not qualify for the tax credit.
• As always, ask your tax professional for tax advise.