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First Time Home Buyer Tax Credit FAQ's 1. How much can I claim for the First-Time Home Buyer tax credit? Borrowers can claim up to $8,000.
2. Who is eligible for this tax credit? First-time homebuyers or those who have not owned a primary residence in three years previous to the new purchase. 3. Does this tax credit needs to be repaid? No repayment is necessary as long as the new purchased is not sold within three (3) years. 4. How long is this tax credit valid? The tax credit is valid on all homes on or after January 1, 2009 and before June 30, 2010 but must have a valid real estate agreement by April 30, 2010. 5. How fast can I get this check? You can claim this $8,000 to your 2009 or 2010 returns. 6. Is there an income limit? YES. People with higher income can now qualify. The new law raises the income limit to for home purchased after November 6. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009. Repeat Home-Buyer Tax Credit FAQ's 1. How much can a Repeat Home Buyer claim fo tax credit? Borrowers can claim up to $6500 tax credit
2. Who is eligible for this tax credit? Repeat buyers who have owned and lived in their primary residence 5 of the last 8 years. For more information on this $8,000 first-time homebuyer tax credit and $6,500 tax credit, contact: Theresa at (971) 244-2125 or HomeSellingPro1@yahoo.com or TheresaDeardorff@JohnLScott.com 3. Does this tax credit needs to be repaid? No repayment is necessary as long as the new purchased is not sold within three (3) years. 4. How long is this tax credit valid? The tax credit is valid on all primary homes purchased on or after November 6, 2009 and before June 30, 2010 but must have a valid real estate agreement by April 30, 2010. 5. How fast can I get this check? You can claim this $8,000 to your 2009 or 2010 returns.
6. Is there an income limit? YES. People with higher income can now qualify. The new law raises the income limit to for home purchased after November 6. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009.
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