Tax Credit for First Time Home Buyers
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June 1, 2009, 1:36 pm
Filed under: Financial
Filed under: Financial
Confused about the Tax Credit for first time homebuyers? The Tax Credit for first time home buyers applies only to home purchases made after December 31, 2008 and prior to December 1, 2009. It equals the lesser of 10% of the purchase price or $8,000. The credit begins to phase out at modified adjusted gross incomes of $75,000 or more (or $150,000 or more for taxpayers filing a joint return). There is no repayment provision, but recapture provisions apply to certain dispositions within three years of purchase.
Still have more questions….Please e-mail me at rebecca@rebeccamonson.com or call me at 530.448.9740.
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