First time home buyers tax credit
There's so much information and mis-information going around about the first time buyer's house tax credit, that I thought I would list the facts, as they stand right now. Currently, the tax credit is for first time home buyers. The purchased home must be closed on between January 1, 2009 and December 1, 2009. (A new bill is being proposed that would extend the deadline until April of 2010). Now, to take advantage of the FULL $8,000 house credit: The home buyer must have an adjusted gross income of less than $75,000 or $150,000 for married couples filing jointly. (These limits would be raised slightly if the new extension bill passes.) However, those who had more income than the specified amount allowed, could still qualify for a partial tax credit. The home must have been purchased for less than $800,000. The home must be your principal or primary residence. The home cannot be purchased from an ancestor, descendant or spouse. The tax credit is only for purch