First-Time Homebuyer Credit Provides Tax Benefit to 1.4 Million Families to Date, More Claims Expected

With the deadline quickly approaching, the Internal Revenue Service reminded potential homebuyers they must complete their first-time home purchases before Dec. 1 to qualify for the special first-time homebuyer credit. The American Recovery and Reinvestment Act extended the tax credit, which has provided a tax benefit to more than 1.4 million taxpayers so far. The credit of up to $8,000 is generally available to homebuyers with qualifying income levels who have never owned a home or have not owned one in the past three years.

The IRS has a new YouTube video:

and other resources that explain the credit in detail.

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