Friday, June 22, 2007

What is the First Time Homebuyer Tax Credit?

First-Time Homeowner's Tax Credit A $5000 federal income tax credit is available to first-time homebuyers in the District of Columbia. No agency contact required. Claim with annual tax filing (IRS Form 8859).

Gwen Adams
DC Housing and Finance Agency
(202) 777-1612
To claim entire $5000 credit, filers must meet following restrictions:
  • Joint filers - up to $110,000
  • Single filers - up to $70,000.

    To claim partial credit:
  • Joint filers - $110,000-$130,000
  • Single filers - $70,000-$90,000.

    Federal: IRS Form 8859
  • 1 comment:

    hipchickindc said...

    You may want to note that we're facing a huge challenge getting this passed in the Senate for 2008. It is NOT currently available for 2008 and we do not know for sure if it will get through.

    Unfortunately, even DC officials don't seem to be fully aware that this is an issue and are incorrectly telling people that it is active.