Tennessee has the 13th highest rate of residents taking advantage of the first-time homebuyer credit, the Internal Revenue Service said.
About 36,000 Americans have so far taken advantage of the credit, out of 1.4 million Americans total.
The tax credit of up $8,000 expires Dec. 1. Eligible home purchases must be closed on or before Nov. 30, IRS spokesman Dan Boone said. Taxpayers can claim the credit on their 2008 returns or claim it next year.
The credit is 10 percent of the purchase price of the home, to a maximum of $8,000 for either a single taxpayer or a married couple filing jointly. The credit reduces the taxpayer’s tax bill or increases his or her refund, dollar for dollar.
The full credit is reduced or eliminated for higher-income taxpayers and those who fall under certain other guidelines. Click here for full details.
