Columbia Maryland Real Estate

 The income limits for claiming the tax credit were raised when the tax credit was extended. Are the higher limits retroactive?No. The new income limits are only applicable to purchases occurring after November 6, 2009.The income limits for sales occuring on or after January 1, 2009 and on or bef...

 How is the amount of the tax credit determined?The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000. Are there any income limits for claiming the tax credit?Yes. For sales occurring after November 6, 2009, the income limit for single taxpayers is $125,000;...

What is the definition of a first-time home buyer?The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse...

Frequently Asked Questions about the First-Time Home Buyer Tax Credit The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on ...