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Here's why you should act now: |
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buying your first home has never been easier!
If you close on your new home between January 1, 2009 and November 30, 2009, you may be eligible for up to $8,000 in tax credits. |
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THIS credit DOES NOT HAVE TO BE REPAID!
As long as you do not sell your new home for three years, the tax credit is yours to keep! |
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THE CREDIT WILL REDUCE YOUR TAX BILL OR INCREASE YOUR REFUND!
You can apply this credit to either your 2008 or 2009 tax return. |
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YOU'RE ELIGIBLE IF YOU EARN UP TO $150,000!
Individual filers with modified adjusted gross income of $75,000 or less, or married couples filing jointly with MAGI of $150,000 or less, are eligible. |
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To learn more, visit FederalHousingTaxCredit.com.
Click here to begin your search for a new home! |
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| *This information is provided for general awareness only, and is not intended for the purpose of providing legal, accounting, tax advice or consulting of any kind. Please consult with your tax professional for complete details on how to apply the tax credit. The credit is equal to 10% of the purchase price of the home up to $8,000 for a single resident or a married couple filing jointly. This credit is available to first-time homebuyers only (defined as homeowners who have not owned a home for three years prior to the date of the closing). The credit is available only to U. S. Citizens. If more than one unmarried person buys the home, the tax credit is divided among them. The tax credit is available only for the purchase of a principal residence. Purchases of vacation homes and rental property are not eligible. The credit is phased out based on the buyer's modified adjusted gross income (MAGI). MAGI is your adjusted gross income plus various amounts excluded from income-for example, certain foreign income, health and flexible spending accounts and 401K contributions. For a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the phase-out range is $75,000 to $95,000. This means the full credit is available for married couples filing a joint return whose MAGI is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less. The tax credit reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar. It is fully refundable, meaning that the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax that they owe. We are pledged to the letter and spirit of U. S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin. |
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