With any legislation or government regulations, there are paragraphs upon paragraphs of details to swim thru, get lost in, feel frustrated about.

Volumes of information but confusing and sometimes hard to zero in on just the major highlights. You want the headlines of the topic.

You want to know about the first time up to $8000 home buyer tax credit for real estate right? 

Here are just a quick list of the highlights to see if you need to dig deeper.

For starters,  income restrictions. Single taxpayers with incomes up to $75,000. Married couples with up to $150,000 qualify for the full tax credit. (Partial tax credits may be available for incomes above this limit).

Amount of tax credit equals 10 percent of the home’s purchase price up to a maximum of $8,000.

No prepayment required unlike the previous tax credit. But you need to use the residence as a primary home for at least three years or face recapture of the tax credit amount.

First time home buyers only means you have not owned a principal residence during the three year period prior to the purchase.

Limited time only so applies to homes bought after January 1st 2009, before December 1, 2009.

Tax credit is refundable and can be claimed even if the taxpayer has little or no federal income tax liability to offset. A refund check may be issued to the taxpayer for a portion or even all of the refundable tax credit (depending on the tax payer’s liability).

Need more details or have questions? Maine REALTOR Andrew Mooers