- Refundable : The credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of withholding they paid during the year was less than that amount.
- Paperwork : Applying for the credit will be easy or at least as easy as doing your income taxes. Just claim it on your return. No other forms or papers should need to be filed. Taxpayers who have alredy completed their returns can file amended return for 2008/2009 to claim their credit.
- Income Restrictions : To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. ( Higher income buyers may receive a partial but not full credit )
If you have any questions about this tax credit and if you qualify for one, please don't hesitate to reach out to me. I'm more than happy to run a quick mortgage analysis for you.
Take care ~
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