$8,000 First time home buyer tax credit “JUST EXTENDED!”
If you have not owned a home in the last 3 years and you meet the income guidelines for the tax credit you can get and refundable tax credit of $8,000.00. Refundable means this is money you can actually receive back once you file or amend your return. You can amend your 2008 tax return to get the credit. The credit expires June 30, 2010 and you must be under contract by April 30, 2010.
The amount of income someone can earn and qualify for the full amount of the credit has been increased.
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Many people have questions about their specific tax situation. Please consult your tax professional for your specific concern. You can also go to www.irs.gov