Home Loan Information Home Loan Information From A Former Industry Insider

Who qualifies for the $7500 first time home buyers tax credit?

The first time home buyers tax credit is available to anyone who purchases a new home before July 1, 2009 and who has not owned a home during the previous 36 months.

It does not matter how the home is paid for or purchased but there are income limitations to qualify for the first time home buyers tax credit.

“The credit is phased out based on your modified adjusted gross income (MAGI). MAGI is your adjusted gross income plus various amounts excluded from income?for example, certain foreign income. For a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the phase-out range is $75,000 to $95,000. This means the full credit is available for married couples filing a joint return whose MAGI is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less.” – Directly from the IRS

Yes, the first time home buyers tax credit is available on all homes in Georgia and Florida. The first time home buyers tax credit is not available on investment properties and the home buyer may not own another home anywhere in the United States for any purpose. The first time home buyers tax credit is intended for primary homes only.