More Q&A On The New $8000 Tax Credit For First Time Homebuyers!

Does your income matter when claiming the tax credit?

The full tax credit of $8000 is given to buyers with a modified gross adjusted income of less than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return.  For taxpayers with MAGI of more than $95,000 (single) or $170,000 (marreid) the credit is reduced to zero.  Taxpayers earning between these figures are prorated according to income.

This brings us to the next FAQ....

What is "modified adjusted gross income"?

Modified adjusted gross income is a number defined by the IRS to determine your tax liability.

I'm here to help answer your questions! Give me a call @ 704-363-6946 or email me at homes@thenaylorteam.com

More to come next week! Yes

Published 24 March 09 02:30 by Ken & Denyse Naylor

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The Naylor Team - Ken & Denyse Naylor - provide up to date information on the local Real Estate market of Mooresville, Denver, and the entire Lake Norman area of North Carolina!

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