WHO CAN USE THE FIRST TIME HOME BUYERS TAX CREDIT?First time home buyers, a person and or their spouse who has not owned a principal resident for the past 3 years. When Does My Purchase Qualify?Homes purchased from January 1, 2009 through December 1,2009. The Closing of the qualifiying home must be before Dec 1, 2009, or no later than Nov 30,2009. To receive the credit file for it on your 2008 or 2009 Federal Income Taxes. You can file an amended 1040X to receive the credit before April 2010, ask your tax preparer about the forms you need. How Much Tax Credit Can I Qualify For?Up to $8,000.00. If the home you buy is $80,000 you could receive the whole $8,000. tax credit. Are There Income Limits?Yes, $75,000 for a single taxpayer filing and up to $150,000 for married taxpayer filing. Married taxpayer filers can receive a tax credit of $4,000 each. Please verify with the your CPA or the IRS. Can I use Down Payment Assistance or Get other help and use the Tax Credit? Yes, closing costs or other down payment assistance programs are not affected by the Tax Credit. Do I Have to Payback the Tax Credit?No, unlike the previous Federal Tax Credit, this does not have to be paid back IF you keep the home for 3 years or more. ****The information for this page was created from the NHBA link of Feb 2009.**** On Febuary 17, 2009 this new legislation was signed into Law and it can aid people purchasing a new home. |