| Homebuyers who are buying their first home | | | | $75,000 - $95,000. Married but filing as individuals? |
| between January 1, 2009 and December 31, 2009, or | | | | Each spouse can qualify for $4000 or 5% of your |
| who haven't owned a home as their primary | | | | home's purchase price, whichever is less. This credit |
| residence in the past three years, and who meet the | | | | can be accessed in one of two ways: You can save |
| income guidelines established for single or joint | | | | towards your down payment, by electing to reduce |
| tax-filers can benefit from President Obama's federal | | | | your payroll tax withholdings in an amount up to the |
| 2009 First Time Homeowner Stimulus Package, | | | | credit you are eligible for; or, you can simply claim the |
| qualifying for up to the full tax credit of $8,000 or | | | | amount you qualify for as a credit on your annual |
| 10% of the home's purchase price, whichever is less. | | | | federal tax return. It is important to note hat if you |
| You can benefit from this credit even if you own a | | | | reduce your payroll tax withholding amount, but then |
| vacation or rental property. | | | | do not purchase/occupy a home within the eligible |
| Here's how it works: This federal income tax credit is | | | | time period, you must repay the amount of the tax |
| based on your Modified Adjusted Gross Income | | | | credit or your reduced tax withholdings to the IRS. |
| (MAGI) ? that is, your income after qualified tax | | | | Those who purchased and have a title for a home |
| deductions as calculated in your annual Federal tax | | | | that began construction in 2008 but did not obtain |
| return, after regular deductions. Married taxpayers | | | | title until January 1, 2009 ? December 31, 2009, and |
| qualify for the full $8,000 or 10% purchase tax credit | | | | will occupy their new home before December 31, |
| if their modified adjusted gross income is $150,000 or | | | | 2009, may still qualify for this tax credit and be |
| less. Single taxpayers qualify for up to the full $8,000 | | | | eligible to apply it to your 2008 taxes. The First Time |
| or 10% purchase price tax credit if their modified | | | | Homeowner Stimulus tax credit amount is not linked |
| adjusted gross income is $75,000 or less. Partial tax | | | | to your local property tax amount? it is a separate |
| credits are available to those who are married with | | | | federal program under President Obama's economic |
| modified adjusted gross income between $150,000 - | | | | stimulus package. |
| $170,000 ,and singles with a MAGI ranging between | | | | |