A Credit For First Time Homebuyers? Part of the 2008 Stimulus Package

Who does not qualify for the first time home buyer credit ? If you answer yes to the following questions, you would not qualify for the credit !


*Your modified adjusted gross income is $95,000 or more ($170,000 or more if married filing jointly).
*You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any taxable year. See Form 8859. This rule does not apply for a home purchased in 2009.
*Your home financing comes from tax-exempt mortgage revenue bonds. This rule does not apply for a home purchased in 2009.
*You are a nonresident alien
*Your home is located outside the United States
*You sell the home, or it ceases to be your main home, before the end of 2008
*You acquired your home by gift or inheritance
*You acquired your home from a related person. A related person includes:
*Your spouse, ancestors (parents, grandparents, etc.), or lineal descendants (children, grandchildren, etc.)
*A corporation in which you directly or indirectly own more than 50% in value of the outstanding stock of the corporation
*A partnership in which you directly or indirectly own more than 50% of the capital interest or profits interest.



First Time Homebuyer Credit is part of the Obama stimulus package for 2008. The credit of $8000 (if you purchased the house in 2009), or 10% of the purchase of your home will be credited to you.



Homes purchased in 2009. You must repay the credit only if the home ceases to be your main home within the 36-month period beginning on the purchase date. This includes situations where you sell the home, you convert it to business or rental property, or the home is destroyed, condemned, or disposed of under threat of condemnation. You repay the credit by including it as additional tax on the return for the year the home ceases to be your main home. If the home continues to be your main home for at least 36 months beginning on the purchase date, you do not have to repay any of the credit.