To clear up confusion about the 2009 tax credit...
Who can claim the credit? 1st time home buyers
Who are 1st time home buyers? 1. You bought a home in the USA between Jan 1 & Dec. 1.
2. You (and your spouse) did not own any other main home during the 3-year period ending on the purchase date. 3. If you constructed your home, you are treated as having purchased it on the date you first occupied it.
Main Home: Your main home is the one you live in most of the time. It can be a house, houseboat, house trailer, cooperative apartment, condo, or any other type of residence.
Credit Allowed to claim? 10% of the purchase price up to a cap of $8,000.00
Are there income limitations? Yes... Gross income for up to $75,000 (singles) and
$150,000 (married filing jointly).
Must I repay the money? Only if your home ceases to be your main home with-in a 36-month beginning on the purchase date.
What if I buy a home after I already filed my income taxes? You have 36-months to file for this credit.
Remember... this pertains to 2009 purchases ONLY!
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