Homeowner

Tax Tip: How Much Can I Claim Using the First-Time Home Buyers Tax Credit?

Overview

If you’ve taken a leap into the real estate market, you may be able to claim up to $5,000 on your taxes.

The First-Time Homebuyer Credit is a non-refundable tax credit that reduces the amount of taxes you owe.

If you buy a property with friends, your spouse or anyone else, you can all potentially claim the credit as long as everyone qualifies — but the total claim amount can’t exceed $5,000 for one property.

References & Resources

Key Concepts

  • Homebuyer tax credit
  • Tax saving homebuyer
  • Home purchaser taxes