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Newport Rhode Island Real Estate market - $8,000 for qualified first-time home buyers - Frequently asked questions

By Jorge Muralles Muralles

Real Estate Agent with Muralles Real Estate

May 07, 2009 01:33 PM

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.

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Newport Rhode Island Real Estate market - $8,000 for qualified first-time home buyers - Frequently asked questions

Are there any income limits for claiming the tax credit?

Yes. 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. The phase-out range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.

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Conveniently locate, spacious units, additional income from basement unit; good size lot with a detached 3 car garage. Sale is subject to bank approval (Short Sale)

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Newport Rhode Island Real Estate - Residential & commercial real estate sales and rentals!!

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