The Housing Assistance Tax Act of 2008 “Who Qualifies?” First-Time Homebuyers who purchase a home between April 9th, 2008 and July 1st, 2009 could be eligible for an I.R.S. tax credit of $7,500. Any taxpayer who has never owned a home as a principal residence (or within the last 3 years) For a single taxpayer with an adjusted gross income (AGI) of $75,000. If income is higher, the credit decreases and disappears altogether above $95,000. For married couples with an AGI of $150,000. If income is higher, the credit decreases and disappears altogether above $170,000 “When do I get my money?” You get your money only after you claim the credit on either your 2008 or 2009 tax return, NOT when escrow closes on the home. However, you can speed up the process if you amend your taxes and still re...
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