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Is tax credit for people with AGI under 75k or Income over 75k

  • March 24 2009 - Beaverton
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Answers (4)

$8,000 First-Time Homebuyer Tax Credit at a Glance

• The $8,000 tax credit is for first time homebuyers only.  For the tax credit program, the IRS defines a first time homebuyer as someone who has not owned a principle residence during the three-year period prior to the purchase

• The tax credit does not have to be repaid

• The tax credit is equal to 10% percent of the homes purchase price up to a maximum of $8,000

• The tax credit applies only to homes priced at $800,000 or less

• The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010.  However, in    cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify

• For homes purchased after Nov 6, 2009 and on or before April 30, 2010, single taxpayers with incomes of up to $125,000 and    married couples with incomes up to $225,000 qualify for the full tax credit.

  • February 11 2010
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The new credit allows higher income limits.  See [content removed by moderator]

  • February 10 2010
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if your single you get the 8k if your income is below 75k, and starts to phase out above that, and at 95k its 0. 

  • April 06 2009
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Yes the tax credit for primary residential purchases are for all single people or single filers with income up to $95,000 and for married couples or joint tax filers up to $170,000 Adjusted Gross Income. You must not have owned a home for 36 months or 3 year period. The purchase must be your primary residence and you must not relocate or sell the home for three years or 36 months. In the event you must sale or move or this can longer be your primary residence you will have a taxable event and the $8,000.00 will be recapture. You will have to repay the tax credit. Of you should always consult your accountant or CPA when filing your tax returns.
  • March 24 2009
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