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Included a first-time home buyer refundable tax credit for purchases on or after April 9, 2008 and before July 1, 2009 equal to 10 percent of the purchase price of a principal residence, up to $7,500. Phased out the credit for taxpayers with incomes over $75,000 ($150,000 for joint returns).
California lawmakers hope a new plan to extend a $10,000 tax credit to first-time buyers and those purchasing new homes will help jumpstart the state's lagging housing market, as well as work to ...
Just as Congress approved a three-month closing-date extension for first-time buyers applying for federal tax credits -- a program responsible for big spikes in home sales this spring ...
For instance, Baltimore County, Maryland’s Homeowner’s Tax Credit Program has an annual household income cap of $60,000, and recipients’ assets — not counting the property that the tax ...
Starting with the Housing and Economic Recovery Act of 2008, a series of federal tax credit programs were established for first-time buyers between April 9, 2008, and September 30, 2010.
As an example, if a homebuyer were to receive an MCC that offers a 30% credit on a $200,000 loan for 30 years with a rate of 6%, the allowable tax credit would be figured as follows (all numbers rounded): Mortgage Interest Paid (1st Year): $11,933; x MCC Credit: 30% = Total Credit: $3579
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Besides extending the $8,000 tax credit for first time home buyers until April 2010, the Act also provides a $6,500 tax credit for current homeowners who purchase a home between November 6, 2009 and end of April 2010. [7] The Act also increases the income limits to qualify for the credit.