The Expanded First-Time Home Buyer Tax Credit: 10 Common Questions (and Answers)

TAXES ON FIRST TIME BUYER 8,000 CREDIT

wILL TAXES BE PAID ON THE 8,000$ TAX CREDIT?

JULIE of GA @ Jun 24, 2009 15:43:21 PM

Re: Income limits re first time homebuyer credit

Dawn, you can view many results on the IRS website (the first link is to the Q&A's, the second is an overview with links to other information:

http://www.irs.gov/newsroom/article/0,,id=206291,00.html

http://www.irs.gov/newsroom/article/0,,id=204671,00.html

In response to your question, here is the answer:

Q. Are there income limits?

A. Yes. The credit is reduced or eliminated for higher-income taxpayers. The credit is phased out based on your modified adjusted gross income (MAGI). 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 that 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.

B. Ebrecht of FL @ Jun 19, 2009 09:41:54 AM

Expanded Tax Credit

Does the first time home buyer receive a lump sum of money in their pocket if they qualify for the tax credit?

Charen Lyn of FL @ Jun 17, 2009 18:33:37 PM

FIRST TIME HOME BUYER CAN GET $8000 WITH CO BUYER?

FIRST TIME HOME BUYER CAN GET $8,000 WITH CO BUYER?

MESKEREM of GA @ Jun 17, 2009 07:32:40 AM

$ 8000.00 tax credit

if I buy a home with no borrowing do I qualify for the tax credit .

Ruben Aviles of CA @ Jun 16, 2009 16:13:37 PM

income limits re first time homebuyer credit

i have not bought a home yet, and have been looking mainly due to the $8k tax credit. am wondering if there is an income limit as i had not heard of that until now. i have a futures account that made money last year. can you clarify? thankyou

dawn taylor of FL @ Jun 13, 2009 10:52:56 AM

first time home buyers tax credit

I am buying a mobile home. I am a first time home buyer. Will I qualify for the tax credit? I know I qualify due to income.

I heard you could use the tax credit as part of down payment and closing. How do I find out about this and what I need to do?

Kerry Woods of MS @ Jun 12, 2009 11:33:01 AM