The Federal Tax Credits Blog

Posts Tagged ‘energy tax credit for homeowners 2009’

Question: How does the income limit work for the first time homeowner credit tax?

I know that you can receive up to $8,000 if you earn $75,000 or below, but is that $75,000 for 2008 or 2009? I am in sales and earned more than $75,000 this year, but I am assuming that I will barely skin $75,000 this year. Thanks for the help!
Also, if I bought this with my boyfriend, would we each be entitled to $8,000 or would it be split and/or pro-rated between us? Thanks!

Answer: It will be for 2009.

It is modified gross income so you will take your gross wages and subtract 401k contributions, health care premiums deducted from your check and any flexible spending contributions.

So if your gross earnings are $75,000 your modified gross income should be below that if you make any 401 k contributions or you pay for any of your health care premiums by having them deducted from your paycheck.

Expiring federal tax credit sets off rush to buy homes

Incentives that can total as much as $18,000 for first-time buyers in California if agreements are reached by Friday, April 30, have prompted a shopping boom in the Southland. The expiring federal tax credit for home shoppers has put some froth back in the Southland’s real estate market: People are ditching work to search for new digs, plundering savings for down payments and striking as fast as …

Smart Homeowners Get Qualified with David Bach