This tax credit applies to purchases on or after January 1, 2009
and before December 1, 2009...
The Basics
1. Who is eligible? Only 1st time home buyers. If you have not owned a home in the past three years you are considered a first time home buyer.
2. How does it work? Credits are claimed on an individual's income tax return, then the total tax bill is reduced.
3. Are there income restrictions? Yes, Singles are eligible if their income is no more than $75,000 and married couples may have no more than $150,000 in income.
4. Do I have to repay the tax credit? No, no repayment required.
5. I have a home under construction, does this qualify. Yes, as long as you actually occupy the home before December 1, 2009..
*If you have further questions or would like to be pre-qualified to purchase a home, please feel free to call me at 317-850-2172.
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