The purchaser must be a first-time home buyer. The tax credit is for home buyers who have not owned a home in the past three years.

The purchase date is the date when closing occurs and the title to the property transfers to the home owner.

The tax credit can be used on existing homes and new homes. Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence qualifies.

The tax credit does not have to be repaid.  If the home is resold within three years, the entire amount of the credit is recaptured on the sale.

The amount of the credit is equal to 10% of the home's purchase price up to $8,000.

Park Co. Realtors is providing the information for general guidance only. The information does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind nor should it be construed as such. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action on this information, you should consult a qualified professional adviser to whom you have provided all of the facts applicable to your particular situation or question. None of the tax information is intended to be used nor can it be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.