Tax Homebuyer Credit
December 7th, 2010
Question: what is the income limit for the first time homebuyer tax credit?
i was wondering what the income limit is for the first time homebuyer tax credit. i got an inheritance this year, where i received about 100k… i was wondering wat the limit is so i know if i qualify for the first time homebuyer tax credit or if i have to amend my 2008 taxes to receive the credit.
Answer: I hope this helps.
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. 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 sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.
The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.
The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.
Welcome to Zombieland: Ladera Ranch, California
Joshua and Irene Vecchione are cleaning the dinner dishes one evening in October when Joshua’s cellphone rings. It’s Rhea from the Chase collections department, and she wants to know if he has $123,000 today. That’s what it will take to get the Vecchiones current on their mortgage.
Senate to expand homebuyer tax credit
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