This post is a part of a series of posts that gives the details on the Federal Governments tax credit incentive to First Time Home Buyers. The six parts answer the following questions:
- Am I Eligible?
- How does it work?
- How big is the tax credit, as a single person?
- How big is the tax credit, as a married couple?
- What about repayment?
- Are there other conditions I should know about?
If your questions are not answered by these posts, feel free to contact me directly!
Question 3: How Big is the Tax Credit as a Single Person?
The tax credit is equal to 10% of the purchase price of your home up to $8,000.
The credit passed in 2008 was limited to $7,500 and that limit still applies to homes purchased in 2008. The full credit is available for single individuals whose adjusted gross income is less than $75,000. If your adjusted gross income is greater than $75,000 and your home purchase qualifies you for the full credit, the credit phases out according to the dollar amount (or percentage if less than $8,000) in the chart below.
NEXT: How Big is the Tax Credit for Married Couples?
