How does the new Federal Tax Credit benefit first time home buyers in Corinth, MS?
Great news for first-time home buyers of Corinth, MS real estate! Not only are rates at historic lows, there is a new federal tax credit of up to $7,500 now available to you for single-family homes purchased between April 8, 2008 and July 1, 2009. To qualify you (or your spouse) can’t have owned another principle residence in the last three years. The credit available is $7,500 or 10% of the purchase price of the home, which ever is less. This is different from a tax deduction that lowers your taxable income before your tax is computed, this is an actual tax credit which comes right off your tax amount owed. It must be claimed on your tax return for the tax year in which the home was purchased. There are income limits that apply. If you are an individual, your income must be below $75,000 to be eligible for the full amount and it phases out between $75,000-$95,000. For joint filers, you must make below $150,000 to get the full credit and it phases out at $170,000. This credit is to be
