* Qualifying taxpayers can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately. The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers. The Housing and Economic Recovery Act defines (in part) a first-time homebuyer as one who has not owned a principal residence during a 3-year period prior to purchase. Qualification for tax credit based upon first-time homebuyer status, income, purchase price of home and other Act and IRS requirements. You must consult your tax professional for complete tax credit details. A summary of the tax credit, for general guidance only, is found at www.federalhousingtaxcredit.com.
Courtesy of Federal Housing
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