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What is the Credit for First-time Homebuyers is all about?

April 26, 2017credit first-time homebuyers

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What is the Credit for First-time Homebuyers is all about?

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On July 30, 2008, President Bush signed the “Housing Assistance Act of 2008 into law. With the Housing Act, first-time homebuyers are allowed a refundable tax credit of the purchase of a principal residence equal to the lesser of $7,500 or 10 percent of the home’s purchase price. The credit is phased out for taxpayers with modified Adjusted Gross Income (AGI) between $75,000 and $95,000 ($150,000 and $170,000 for tax payers filing jointly).