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Home Buyer Tax Credit Now Benefits More

Home Buyer Tax Credit Now Benefits More

Home is where the heart is -- not only for families, but also for the U.S. economy. So much so, that new legislation has extended and expanded the tax credit for home purchases. To continue to stimulate home sales, the new law makes more taxpayers eligible for a tax credit, including those who already own homes and those with higher modified adjusted gross incomes. Here's the who, what, and when of the home buyer tax credit:

Who is eligible

To claim the full credit, modified adjusted gross income is limited to $125,000 for single taxpayers and $225,000 for married couples filing joint returns; partial credits may be available for those with higher incomes. (The previous income limitations for the full credit were $75,000 for individuals and $150,000 for joint filers.)

What it is

Eligible home buyers receive a tax credit: That's a dollar-for-dollar tax reduction. If you don't pay enough taxes to offset the credit, you can get a tax refund for the difference. For example, if you qualify for an $8,000 credit, but only owe $6,000 in tax, you would receive a $2,000 refund check.

When

For details, see your tax advisor or visit www.irs.gov.

by Staff Writer
Published December 3, 2009
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