First Time Home Buyer Tax Credit: Part 4 of 6
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 4: How Big is the Tax Credit as a Married Couple?
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. For married couples filing jointly, the credit begins to phase out at an adjusted gross income of $150,000. the dollar amounts in the chart below correspond to a phase out of the full tax credit (percentages are for credits less than $8,000).
For more details, go to http://www.federalhousingtaxcredit.com/
NEXT: What about repayment?
