First Time Home Buyer
First Time Home Buyer
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WHO? |
A taxpayer, 18 years of age or older, who has NOT owned a home at ANY time during the past 36 months. Married Taxpayers: Both spouses must meet the requirement. Must be at least 18 years of age Can not be a dependent of another |
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WHEN? |
Contract Signed no later than April 30 Purchase Completed no later than |
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INCOME LIMITS? |
Credit begins to phase out at Married Filing Jointly $ 225,000 Others $125,000 Credit is gone at: Married Filing Jointly $245,000 Others $145,000 |
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HOME COST |
No credit is allowed if the home costs more than $800,000 The Seller of the home can NOT be related to the buyer. |
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WARNING—Home must be used as principal residence for three FULL years after purchase |
If the home is no longer the taxpayer’s principal residence at ANY time during the 36 months following the date of sale, the credit MUST be repaid. The only exception is military called to active duty |
This chart is intended to provide a quick list of the First Time Home Buyer Credit.
Do not act solely on this Quick-Sheet. Seek specific advice from your own tax professional after providing that individual all the necessary facts and information.