Tax First Time Home Buyers Killer Information
Tax First Time Home Buyers – $6,500 Tax Credit For Existing Home Buyers
Beginning with 2008, existing home buyers who purchase a new home as a replacement for their current residence may qualify for a tax first time home buyers credit equal to $6,500.In order to qualify for this tax first home buyers credit, you must purchase a new home before June 30, 2010. As the income limit has increased, you may be eligible for this tax credit. Your modified adjusted gross income must not exceed $125,000 or $225,000 if you file a joint return.If the purchase price of your home exceeds $800,000, you are not eligible for this tax credit.
Tax Credit Of Up To $8,000 For First Time Home Buyers
If you are a first time home buyer, you may qualify for a maximum amount of $8,000 tax credit. If you buy your first residence in 2009, no later than December 1st, you are eligible for 10% of up to $80,000 of the purchase price.You may offset your tax liability with this tax first time home buyer credit. If the amount of tax first time home buyers credit you are entitled to deduct exceeds the amount of income taxes you are liable for, you are eligible for a refund. However, if you are liable for alternative minimum tax, you cannot offset it using this tax credit.If you bought the home in 2009, you do not have to repay this amount back, unless you resell the home or the home ceases to be your main residence within three years after the purchase.