WASHINGTON – Feb.
17, 2009 – How does a first-time homebuyer take advantage of the $8,000
tax credit that President Obama is expected to sign into law tomorrow?
It comes with a few rules. According to the most recent analysis, the
following rules will apply – though things could change as tax
professionals weigh the details:
• 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 each for a home over $80,000) on their tax
returns.
• It’s a tax credit, not a deduction. That means the entire amount goes
back to the first-time homebuyer unlike deductions, such as mortgage
interest, that are subtracted from gross income before tax is
calculated. If qualified for $8,000, the buyer gets $8,000, even if they
would not owe that much in taxes otherwise.
• The tax credit applies to homes purchased from Jan. 1, 2009, through
Nov. 30, 2009. Details,
link here.
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