Questions about the $8000 buyers tax credit?

Here are some more questions and answers to help you with determining if the $8000 buyers tax credit for new home purchasers is for you.

Are there income restrictions?  Yes, adjusted gross income for individuals can be no greater than $75,000, and for a married couple filing a joint return, $150,000.

What is Adjusted Gross Income?  This number is generally the total of all salaries, wages, interest, dividends, pension and retirement earnings, rental income and other elements.  Your Adjusted Gross Income is usually found on the bottom line of the front page of IRS form 1040.

We earned slightly more than the income restrictions above.  Can we get any tax credit?  Possibly yes, if your income does not exceed $95,000 for an individual, or $170,000 for a married couple, then you may earn a modified tax credit.

As always, if you are a first time homebuyer, you should contact your real estate agent, and also confer with your tax accountant or attorney.