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April 15th Is Almost Here....When Should You Claim Your New Home Buyer Tax Credit?
The National Association of Home Builders (NAHB) has made information available for qualified home buyers about how and when to claim the $8,000 first time home buyer tax credit.
First there are basic eligibiity requirements:
1.  The home must have been purchased on or after Jan 1, 2009 and before Dec 1, 2009.
2.  The buyer may not have owned a home in the three years prior to the purchase.
3.  The buyer must have a modified adjusted gross income less than $95,000 for single tax payers and $170,000 for married filers.
Two factors affect the amount of credit qualified buyers can claim:
1.  It can only equal 10% of the purchase price of the home, up to a maximum of $8,000. 
2.  The credit is reduced for buyers with qualifying incomes of between $75,000 and $95,000 for single filers and $150,000 to $170,000 for married filers.
To claim the credit buyers must complete an IRS Form 5405 to calculate the amount of the tax credit and enter it on line 69 of the IRS 1040 income tax return.
Qualified buyers have several options for when to claim the tax credit, but it can only be claimed after the purchase of the ... more

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