First Time Homebuyer Tax Credit

FIRST-TIME HOMEBUYER TAX CREDIT  

2nd Modification of the American Recovery and Reinvestment Act effective November 6, 2009  

* Note -             DC First-Time Homebuyer Credit Eligibility:

1.       Buy a home in the District of Columbia (one must not have owned a home in D.C. within one year of the qualified purchase);

2.       Occupy the property as their principal residence; and

3.       Meet the following income Requirements:

Single Filers – with up to $70,000 in modified Adjusted Gross Income (AGI) receive the benefit of the entire $5,000 credit.  People with a modified AGI of between $70,000 and $90,000 are entitled to a partial credit.  For those with a modified AGI between $70,000 and $90,000 the credit is reduced by $250 for every one thousand dollars over $70,000.

Joint Filers - with up to $110,000 in modified AGI receive the benefit of the entire $5,000 credit.  Couples with a modified AGI of between $110,000 and $130,000 are entitled to a partial credit.  For those with a modified AGI between $110,000 and $130,000 the credit is reduced by $250 for every one thousand dollars over $110,000.  

** Note -       Parties have up until July 1, 2010 to close on contract ratified before April 30, 2010