Income limits for the tax credit for buyers

Are there any income limits for claiming the tax credit?

Yes. There are income limits.

For single taxpayers the limit is $125,000.

For married taxpayers the limit is $225,000 when filing a joint return.

The tax credit amount is less for buyers that have a modified adjusted gross income (MAGI) above those limits. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to nothing for taxpayers with MAGI of more than $145,000 (single) or $245,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.

If you are looking for a home in the Charlotte, NC area, contact our team TODAY! The tax credit is going to end soon. Need to contract before April 30, 2010 and close by June 30, 2010.

www.myCarolinahome,net

Lisa Ludlow Archer