Do you have questions about the $8,000 Tax Credit?
By Jeannette Neerpat, e-Pro Coral Springs/Parkland Real Estate
(CondoDomain.com)
If you have questions here are some answers. There are many people who still do not understand how the credit works. These answers were listed on the FAR website and it has great explainations. · The deduction is worth 10 percent of a home's value up to $8,000, which means all homes worth more than $80,000 could qualify for the maximum amount. · There is an income limit to qualify. A married couples' modified adjusted gross income (MAGI) should be under $150,000 and single filers' MAGI should be less than $75,000. · Partial tax credits may be available for married couples with MAGI incomes over $150,000 but under $170,000, and single filers with incomes over $75,000 but under $95,000. · If married couples file separately, they can both claim 5 percent of the home purchase ($4,000 ...
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