Who cannot take this
Tax Credit...Other than Buyers Who Aren’t First-Time Homebuyers?
- A homebuyer whose income exceeds the phase-out range.
- This means joint filers with Modified Adjusted Gross Income (MAGI)
of $170,000 and above and other taxpayers with MAGI of $95,000 and above.
- A homebuyer who buys a home from a close relative. This includes a spouse, parent,
grandparent, child or grandchild.
- A homebuyer who stops using the home subject to the credit as a main residence.
- A nonresident alien.
Note: A homebuyer who sells the home subject to the credit within three years
must pay back the tax credit.
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