During the current tax year. For starters you must have bought a home in d c.
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Who is a dc first time homebuyer.
Dc first time home buyer tax credit. The dc first time homebuyer recordation tax is generally reduced to 0 725 from the customary 1 1 or 1 4. First time homebuyer tax credit if you re a first time homebuyer in d c you may be entitled to a tax credit of up to 5 000. Dc official code 42 1101 16.
5 000 if single married filing jointly head of household or qualifying widow er 2 500 if married filing separately or. The purchase price of the home. Open doors program for low rates and down payment assistance.
Although the deadline for qualifying for the federal 8 000 first time buyer tax credit has expired there is a tax credit of up to 5 000 still available for first time buyers in the district of columbia. 2020 dchfa first time home buyer programs d c. Mytax dc gov will be unavailable from 5 pm friday december 4 through 7 am monday december 7.
There are however many restrictions on the credit. The tax credit has been renewed every year ever since granting taxpayers in the district of columbia who have not recently owned a home eligibility for a one time tax credit of up to 5 000 to be claimed against federal income taxes. You purchased a main house during the tax year in the district of columbia and.
Administered by the d c. Home purchase assistance program for help with a down payment and closing. The tax credit is reported on form 8859 and the taxpayer must file form 1040 to claim this credit.
The office of tax and revenue walk in center at 1101 4th street sw is closed. The credit is the smaller of. Funding ranges from 10 000 to 80 000 depending on your household income.
What is the dc first time homebuyer recordation tax reduction. This federal tax credit is available to first time homebuyers in the district of columbia. A dc first time homebuyer is defined as an individual purchaser who has never owned eligible property as the individual s principal residence.
In general you may claim the credit if. For assistance please contact customer service at 202 727 4tax 4829. Department of housing and community development this program provides financing assistance up to 50 000 and closing cost assistance of 4 000 for first time buyers in dc.
This program first introduced as part of the taxpayer relief act of 1997 and later extended via the families relief act of 2004 and the tax extenders act of 2009 is targeted at aiding low and moderate income families in purchasing a first home in the district.
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