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08-19-2008, 06:57 PM
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Registered User
Join Date: Oct 2007
Posts: 15
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7500 credit questions
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? Last edited by primetime : 08-19-2008 at 07:22 PM. |
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