Everything You Need To Know But Were Afraid To Ask

Here is everything you need to know about the new First Time Home Buyer Tax Credit but were afraid to ask. If you have not owned a home in the past three years you may be eligible. You can claim up to $8000 or 10% of the home's value, whichever is less. Any single family home or condo used as your primary residence is eligible. To receive the full benefit individuals must make less than $75,000 or $150,000 for couples. This is how it works. If your final tax liability for the year is $4000 you would pay nothing and receive $4000 back. If you are due for a $1000 refund, you would receive a $9000 check. The credit also applies to new home construction and townhomes. You must live in the home three years. Married couples with incomes up to $170,000 receive partial benefits.

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