1st time home buyer, I made 65K in '08', now I am making 83K. Do I still qualify for the 8k home buyer credit?
I read the guide lines for the first time home buyers credit program and it mentions that an individual has to be making just under 80k to earn the credit. However, I just got a raise and I am making about 83k this year. Therefore, my concern is that, do I still qualify as a candidate for the 1st time home buyer credit of 8k.
Hello Joseph- I believe up to maybe $90K you can qualify up to a smaller amount on the tax credit. Meaning, maybe $4000 credit instead of $8000. It is a sliding scale IRS rule.
Keep in mind you have to CLOSE on the purchase by Nov. 30th to qualify. If I can be of any other help, please let me know. I can look up the exact details of this if you'd like. Thanks, and good luck,
Ken L.
The best thing to do is to consult with CPA since you have significant increase in your annual income..Good luck
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