Financial Planning for Generation X & Y Women
 
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Expert Q&A Archive

07/13/2009
Who might not qualify 100% for the "first-time homebuyer" tax credit?
Who might NOT qualify for 100% of the first-time homebuyer credit? I think it has something to do with income, but I was wondering if you could clarify that for me.
Rosemary Ervin, CPA:
expert info »
A single filer with income in excess of $75,000 and married filing jointly with joint income in excess of $150,000 would not qualify. There are phase outs when income reaches those levels.
Lourdes Sampera-Tsukada:
expert info »
The tax credit starts phasing out for couples with [modified adjusted gross] incomes above $150,000 and single filers with [modified adjusted gross] incomes above $75,000. The exact numbers are based off a certain calculation, but you’ll want to check with your tax expert to get specifics.