The $8,000 tax credit was an incentive created for home buyers in 2009. If you met the requirements, you were eligible to receive up to $8,000 back when filing income taxes.c
The $8,000 first time home buyer was extended into 2010. New home buyers who closed on their home before September 10, 2010 also received the credit.
Stimulus Package
The $8,000 tax credit was part of the $787 billion economic stimulus package that was signed by President Barack Obama in 2009.c
Existing home owners who bought their home between November 6, 2009 and April 30, 2010 were eligible for the $6,500 tax credit.
New home owners could file for a first time home buyer tax credit on their 2009 taxes or by amending their 2008 taxes. A 1040 tax form was needed for 2009 applications.
For 2008 amended taxes, a 1040-X and 5405 form for the First Time Home Buyer Credit was needed, along with documentation of home purchase.
For more information on the First Time Home Buyer tax credit, visit the IRS website.c
References
Fast Facts
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Origin
Homeowners could apply for this credit if the home was acquired between December 31, 2008 and December 31, 2010. -
Length of Ownership
The tax credit did not have to be paid back as long as the home was owned for at least 36 months. -
Requirement
Must have made under $75,000 as an individual or $150,000 as a married couple. -
How to Claim
By filing income taxes for 2009, or amending a 2008 tax return.
