primetime
Does the 7500 credit for first time buyers that purchase a house between April 9 of 08 and July 1 of 09 have to be done using an FHA loan?
Do singles get the full 7500, or is that for married couples, making singles only eligible for 3575?
What kind of a partial credit is given if the modified adjusted gross income is 82K, being that a 75K MAGI and lower recieves the full credit of 7500? Would it be $4875?
82K-75K = 7k
7k/20k = .35
1-.35 = .65
.65*7500 = 4875
Do contributions to 401K contribute to the modified adjusted gross income?
Do singles get the full 7500, or is that for married couples, making singles only eligible for 3575?
What kind of a partial credit is given if the modified adjusted gross income is 82K, being that a 75K MAGI and lower recieves the full credit of 7500? Would it be $4875?
82K-75K = 7k
7k/20k = .35
1-.35 = .65
.65*7500 = 4875
Do contributions to 401K contribute to the modified adjusted gross income?