First-Time Homebuyer Tax Credit
By Paul Surles, We Guarantee Your Home @ the TOP of Realtor.com
(Keller Williams Realty, Partners Inc.)
This is a great synopsis of the new Housing and Economid Recovery Act of 2008 - first-time homebuyer tax credit. . . Amount of Credit Ten percent of cost of home, not to exceed $7500 Eligible Property Any single-family residence (including condos, co-ops) that will be used as a principal residence. Refundable Yes. Reduced income tax liability for the year of purchase. Claimed on tax return for that tax year. Income Limit Yes. Full amount of credit available for individuals with adjusted grss income of no more than $75,000 $150,000 on a joint return). Phases out above those caps ($95,000 and $170,000, respectively). First-time Homebuyer Only Yes. Purchaser (and purchasher's spouse) may not have owned a principal residence in 3 years previous to purchase. Recapture Yes. Portion (6.6...
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