Tax Credit Info
- Qualifications have changed as of Nov.9 2009
- A person cannot have purchased a home in the past three years.
- Neither spouse is eligible if one has purchased a home in the previous three years.
- The purchased home has to be occupied by Apr. 30, 2010 unless it is still under contracted construction. Then the owners must occupy the structure by June 30, 2010.
- The credit is 10% of the home's price up to $800,000 (i.e. up to $8,000)
- Singles qualify if their income does not exceed $125,000.
- Married couples qualify if their income does not exceed $225,000.
- Form 5405 needs to be filed with your 2009 tax return.
- This is a REFUNDABLE tax credit. If your tax liability is 0, then you would receive your 1st time home buyers credit as a refund.
- You may "double dip" into other non-refundable tax credits to reduce your tax liability to ensure a maximum refund.
- This tax credit reduces your tax liability.
- It is not a "refundable" tax credit.
- This credit is designed to help people reduce their overall tax liability. This will reduce the amount of taxes due or increase your return if your liability was zero to begin with.
- There are no minimum purchases to qualify.
- Tax credit is up to $2000
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