In order to stimulate the housing industry last July congress proposed and passed a tax credit law to give buyers an incentive to purchase.
In order for a buyer to qualify for this tax break the buyer must meet certain criteria’s:
1) Must have purchased a home between April 2008 and July 1, 2009.
2) Must be for primary residence only.
3) Buyer(s) adjusted gross income can not exceed $95,000 (single) or $170,000 (married). If married and to gross income was between $150,000 and $170,000 you may qualify for a reduced credit. If single and earned between $75,000 and $95,000 you may qualify for a reduced credit.
Although this is a repayable loan and will need to be repaid, congress is working on revising it so buyers will not need to repay the credit. If you pass all these requirements and purchase before the deadline and file the tax form needed, you may qualify and not have to worry about paying the money back.
