2
Feb
Home Buyer Tax Credit Rules
home buyers tax credit
The IRS has issued guidance that spells out the revised income limits for homebuyers claiming credits: Your modified adjusted gross income must be $125,000 or less if you are single, $225,000 or less if you are married filing jointly. Above these limits the allowable credit amount begins to phase does in increments, and is eliminated completely once incomes hit $145,000 for singles and $245,000 for married joint filers.
There are pitfalls as well: An advisory posted by the IRS earlier in the month spelled out situations where recipients of tax credits may have to repay them to the government. Read more 