Questions about the $8000 and $6500 tax credit answered by Judy!
Q: How do I qualify to receive the $8000?
A: Anyone who has not owned a home in the past three years are eligible for this tax credit.
Q: How do I qualify to receive the $6500?
A: Home buyers who have lived in their present home for 5 out of the last 8 years. Call for details on how you can get $6,500 back
- 614-478-2121 or 614-416-2430.
Q: Do I get an $8000 tax credit or cash?
A: You receive a check from the government when you file your taxes as long as you have purchased a home - new or used - you must be in contract by April 30, 2010 and close no later than June 30, 2010.
Q: What if I have already filed my taxes this year?
A: You can amend your taxes by filing a 1040X form.
Q: Can it be a vacation home?
A: No, it must be your primary residence.
Q: When do I have to pay this money back?
A: You do not have to pay it back! You merely have to live there for at least three years.
Q: How do they determine if I get the full
$8000?
A: It's based on 10% of the purchase price, with a limit of no more than $8000.
Q: Are there any income limits?
A: Yes. The income for a single taxpayer is $75,000; the limit for a
couple is $150,000 filing jointly. Even if you make more than $150,000
combined, it is based on the income limit.
Q: How do I claim the tax credit
A: You complete the IRS Form 5405
Additional restrictions may apply. See Judy for details.