- Purchasers must attach a properly executed settlement statement for buying a home in Northern Virginia to their return.
- No credit is available if the purchase price of the home exceeds $800,000.
- The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement.
- A dependent is not eligible for the credit.
- The new law gives the IRS broader authority to deny first-time homebuyer credit claims, without having to first audit a taxpayer’s return. Known as math error authority, this authority applies, retroactively, to credits claimed on original and amended 2008 returns, as well as to claims yet to be filed.
The Earl of Real Estate™ Team
Keller Williams Realty
Phone: 571-926-9230
Real Estate Resources:
Virginia: Northern Virginia Real Estate, Northern Virginia Homes for Sale, Northern Virginia Condos, Reston Virginia
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