First-time Homebuyer Tax Credit

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Definition: First-time Homebuyer Tax Credit

First-time Homebuyer Tax Credit
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Full Definition of First-time Homebuyer Tax Credit

A federal tax allowance that permitted specific home buyers to claim part of the purchase price as a deduction. The initial version of the credit allowed up to $7,500 or 10% of the purchase price and required repayment over the first 15 years of occupation. An expanded version, enacted as a response to the housing crisis of 2008, allowed purchasers to claim up to $8,000 and did not require repayment.

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First-time Homebuyer Tax Credit. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
April 19, 2024 https://payrollheaven.com/define/first-time-homebuyer-tax-credit/.
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First-time Homebuyer Tax Credit. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/first-time-homebuyer-tax-credit/ (accessed: April 19, 2024).
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First-time Homebuyer Tax Credit. PayrollHeaven.com. Retrieved April 19, 2024
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Definition Sources

Definitions for First-time Homebuyer Tax Credit are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 20th November, 2021 | 0 Views.