What qualifies as 2009 Government 8,000.00 tax credit?

1.      New or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.

2.      You have not owned a home in the past three years but if your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit.

3.      The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return.

4.      Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return

Tags: Loan_Programs

Answered on Tuesday, May 05 2009 01:28 PM PDT

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