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Old 09-07-2008, 09:00 AM
 
Location: Land of Free Johnson-Weld-2016
6,474 posts, read 13,406,838 times
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I didn't realize there were income limits for this tax credit. They are using MAGI instead of AGI to calculate the income, so I would be surprised if many people even qualified for this deduction. To the best of my recollection MAGI excludes a lot of the deductions that would be used to calculate AGI. Grrrrr.
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Old 03-13-2009, 12:28 PM
 
1 posts, read 976 times
Reputation: 10
Your girlfriend will be able to claim the whole 7500 as long as she is a first-time homebuyer as well. Therefore, you guys will not loose out. Also, if you are purchasing in 2009 the credit is 8,000. 7,500 are for those who purchased homes 4/08 - 1/09. For more information you may check out www.federalhousingtaxcredit.com (http://www.federalhousingtaxcredit.com - broken link)
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Old 03-13-2009, 02:38 PM
 
163 posts, read 598,108 times
Reputation: 85
Yes good luck, and I sure hope everything works out for you.
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Old 03-14-2009, 05:01 PM
 
87 posts, read 347,707 times
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Even if I am buying a house with my wife, one of us can claim the tax refund if one of us is below the limit? Does this mean we have to file federal tax return seperately?
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Old 03-18-2009, 07:53 PM
 
Location: Lowlands
271 posts, read 1,087,983 times
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Quote:
Originally Posted by freaknjoe View Post
Hi All.

My gf and I are buying a house this year. We are first time home buyers. My income is 105,000/yr and hers is 50,000/yr.
Your 105k is not the AGI, after all your deductions it will be much less, 401k/mortgage interest/prop taxes, etc.
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Old 03-19-2009, 03:43 AM
 
397 posts, read 734,549 times
Reputation: 498
Quote:
Originally Posted by Fant View Post
Even if I am buying a house with my wife, one of us can claim the tax refund if one of us is below the limit? Does this mean we have to file federal tax return seperately?
Married filing Separately= 1/2 of the credit.
If your (modified) AGI on a joint return is $155K you would be entitled to
a reduced credit but certainly more than $3750. And if you haven't bought the house yet (but will, before 12/01) the credit is $8K, refundable, no pay back! The AGI is BEFORE itemized (Schedule A) deductions (in response to post above). You can call IRS and get specific eligibility if you can't figure it yourself or have add'l questions.
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