FAQ: Am I Eligible for the Tax Credit?

1. Who is eligible to claim the $8,000 tax credit for first-time buyers?

First-time home buyers who have not owned a home in the past three years and who purchase any kind of home—new or resale—are eligible for the tax credit for 10 percent of the purchase price, up to a maximum of $8,000. To qualify for the current tax credit, a home purchase must occur on or after November 6, 2009 and they must have a binding sales contract in force on or before April 30, 2010. Purchasers have until June 30, 2010 to close.

The full credit is available for married couples filing a joint return whose modified adjusted gross income is $225,000 or less and for other taxpayers who’s MAGI is $125,000 or less. The credit phases out for buyers earning more than those income limits.
Persons claimed as dependents by other taxpayers or who are under age 18 do not qualify for the tax credit program.

 

Written By:Realtor. If you would like to continue reading, click here.

Advertisements

One thought on “FAQ: Am I Eligible for the Tax Credit?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s