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Seller is Financing |
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hello
my husband and i are buying our first home...the owner is financing it for us and is not a relative or friend ....will we still be able to take advantage of the first time home owners tax credit when we file in feb of this year? |
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How you finance the purchase, or even if you pay all cash, has nothing to do with the $8,000 tax credit. The only requirements are that
--neither of you has owned a home in the past three years,
--you intend to make the house your principal residence, and
--you fall below the top income limits.
The tax credit starts to phase out at $150,000 income for a married couple filing jointly(half that for a single taxpayer,) and disappears entirely at $170,000 ($95,000.)
None of this tax credit need be repaid, unless you remain in the house for less than the next three years.
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Originally published on August 23, 2009 |
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