By: Tyler

Tyler — Tue, 26 Aug 2008 17:00:37 +0000

Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

The credit is in general equal to $7,500 for a qualified home purchase, whether the home buyer files taxes as a single or married taxpayer. However, if a household files their taxes as “married filing separately” (in effect, filing two returns), then the credit of $7,500 is claimed as a $3,750 credit on each of the two returns.

By: Single Person

Single Person — Mon, 25 Aug 2008 23:05:19 +0000

Can you explain the single person tax credit limitations a little more. In one line, you state outright that single filer can not take more than $3,750. Yet in another line, the max credit depends on whether and how far one’s income is over $75,000. Which is it?

Comments on: Free Loan up to $7,500 on Purchase of Home

By: Tyler

By: Single Person