tax credit: Tax Credit for First Time Homeowners
- 08/05/08 01:36 PM
The Housing and Economic Recovery Act: Tax Credit The tax credit is for First Time Homebuyers (not owned a primary residence for the past three years) whose loan closed between April 9, 2008 and June 30, 2009. The highest amount of the tax credit will be $7,500 for individuals earning up to $75,000 and couples earning no more than $150,000. The amount of the tax credit declines when the income rises and phases out completely when the single tax payer earns $95,000 and a couple earns $170,000. A tax credit is much better than a tax deduction. A tax deduction is … (0 comments)
The Housing and Economic Recovery Act: Tax Credit The tax credit is for First Time Homebuyers (not owned a primary residence for the past three years) whose loan closed between April 9, 2008 and June 30, 2009. The highest amount of the tax credit will be $7,500 for individuals earning up to $75,000 and couples earning no more than $150,000. The amount of the tax credit declines when the income rises and phases out completely when the single tax payer earns $95,000 and a couple earns $170,000. A tax credit is much better than a tax deduction. A tax deduction is … (0 comments)
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