What Is Homebuyer Credit

Tax Deductions for Homeowners & First-Time Home Buyers | simpleetax For example, if you owe the IRS $10,000 in taxes but qualify for a $3,000 D.C. homebuyer credit, your tax liability drops to $7,000 ($10,000 – $3,000 = $7,000). Use Form 8859 to indicate a prior-year credit and include the current year credit amount on line 54 of your Form 1040; the credit is applied after you calculate the tax on your income.

The new homeowners tax credit that many filers are familiar with is the "First-time homebuyer credit," which was passed in 2008 under HERA or the Housing Economic and Recovery Act under Obama. This tax credit was up to $7,500 for first time homebuyers, which was very exciting at the time.

liability to use the credit. For more details about how the homebuyer tax credit works, visit www.GoNewHampshireHousing.com and consult with your tax professional. What is the Homebuyer Tax Credit? The Home start homebuyer tax credit makes homeownership more affordable for first-time homebuyers. To qualify, eligible

This paper briefly outlines the impact of the homebuyer credit.

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