To be eligible for the $8,000 tax credit, a first-time homebuyer must purchase a principal residence from January 1, 2009 to November 30, 2009. The deadline is November 30, 2009, and not December 31, 2009 According to an IRS announcement on February 25, 2009, first-time homebuyers who qualify for the $8,000 tax credit by purchasing a home before December 1, 2009 have a special option of claiming the tax credit on either their 2008 or 2009 tax returns The maximum tax credit for an individual first-time homebuyer is 10 percent of the purchase price, not to exceed $8,000. For married individuals filing separate tax returns, the tax credit is capped at $4,000. Both spouses must be “first-time homebuyers”. The first-time homebuyer tax credit may be restricted by the taxpayer’s income. The tax credit starts to phase out for an individual taxpayer with a modified adjusted gross income from $75,001 to $95,000 (or $150,001 to $170,000 for joint filers).
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