Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.
The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.
1. Who is eligible to claim the tax credit?
2. What is the definition of a first-time home buyer? How is the amount of the tax credit determined?
3. Are there any income limits for claiming the tax credit? What is “modified adjusted gross income”?
4. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
5. Can you give me an example of how the partial tax credit is determined?
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