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By: Ikedi Ani-okoye
The first time home buyer tax credit is produced available after the present Obama administration took a heavy leap in reviving the declining market of housing realty. This tax credit is part of the stimulus package approved through the federal government to resuscitate the ailing US economy. Some of the home buyers can have the $7,500 tax credit usable for them if they are certified in the mentioned tax credit qualifications.
So when you're designing to buy a mobile home you can take advantage of the tax credit the federal government offers to would be home buyers like you. But you must be certain that you understand all the details of the tax credit before you apply for it.
First time home buyer tax credit is useable only if you purchase a mobile home as your principal residence. This means that your mobile home will be the home where you plan to reside almost all of the time. This tax credit is also available to principal buy of a condominium, town house, houseboat or a detached house as long as it is your principal residence. Accordingly, your mobile home must be in the US. Please keep in mind that it is not eligible whenever you buy your mobile home from your parents, or siblings.
Though mobile homes fall under the category of certified homes for availing tax credit, there are other demands you should take into consideration to avert waste of your time and effort in applying the tax credit. Here are the following qualifications essential for your application:
1. The tax credit is only usable to first-time homebuyers. The rules provide that anyone will be a first-time buyer if he or she has not owned a principal residence for three after buying a house. If you owned a vacation house that is not your principal residence, you can apply for the tax credit. Married couples must fit to the definition. But the rules on married couples are vague because the rules did not provide when the situation occurs where only one is qualified and the other is not.
2. You must have a $75,000 modified gross income, or MAGI, on your federal tax return when you are married head of a household or single. Whenever you're filing a joint tax return with your wife, your MAGI must be $150,000.
3. If you have more than $75,000 MAGI and if you're single or married head of household, you may get a partial credit subject as long as it is beneath $95,000. The same applies for the second category, where your joint tax return indicates a MAGI of more than $150,000 but less than $170,000. MAGI beyond the marked limits will be not qualified for a tax credit.
4. You cannot apply for a first time home buyer tax credit whenever you bought your home before April 9 2008. 2009 home buyers are believably to have the tax credit.
To further your knowledge about the first time home buyer tax credit that is currently being tendered through the federal government, you should visit the nearest authorities in your state. You could also learn information related to this in the net. You can benefit much from this opportunity, but you must seek advice and make plans to avert credit problems in the future.
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