Under this program, a First Time Home Buyer is defined as someone who hasn't owned a home for the past 3 years.
First-time home buyers are eligible for a refundable tax credit equal to 10 percent of the purchase price of their home, up to $8,000, if they made the purchase after Jan. 1, 2009 or before Dec. 1, 2009.
Unlike the previous credit that Congress provided last year, this one doesn't have to be paid back over 15 years. The new credit, however, is not available for individuals with incomes over $75,000 or married couples with incomes over $150,000 who file their taxes jointly. (Higher incomes will receive a partial credit.) Also, you must own the home for 3 years or you will forfeit the credit.
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Shirley, I've tried keeping up with the changes and did not see any reference to the income. I know the goal was to open it to all income levels. Did you see something different?
Hi John, Higher incomes will receive a partial credit.
there Shirley, my friend
Reckon I best be looking up some info on this here subject. I'll check back here, also to see what comes up about it.
We'll see how this all shakes out. I"m presenting on this to our bar association in two weeks. We'll see, hopefully, it'll stimulate something.
Shirley - still waiting for all the dust to settle and get the complete info on this. Hopefully, it will help some make a decision to buy.
Good job getting the information out there Shirley. Thanks for the post!