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Tax credits. Your state or local government might offer a mortgage credit certificate that allows you to claim the interest payments on your mortgage for a tax credit up to $2,000 a year.
Just as Congress approved a three-month closing-date extension for first-time buyers applying for federal tax credits -- a program responsible for big spikes in home sales this spring ...
The first-time homebuyer tax credit no longer exists; the U.S. government offered this program for first-time homebuyers from 2008-2010. A first-time homebuyer tax credit offers a direct reduction ...
As an example, if a homebuyer were to receive an MCC that offers a 30% credit on a $200,000 loan for 30 years with a rate of 6%, the allowable tax credit would be figured as follows (all numbers rounded): Mortgage Interest Paid (1st Year): $11,933; x MCC Credit: 30% = Total Credit: $3579
Included a first-time home buyer refundable tax credit for purchases on or after April 9, 2008 and before July 1, 2009 equal to 10 percent of the purchase price of a principal residence, up to $7,500. Phased out the credit for taxpayers with incomes over $75,000 ($150,000 for joint returns).
For instance, Baltimore County, Maryland’s Homeowner’s Tax Credit Program has an annual household income cap of $60,000, and recipients’ assets — not counting the property that the tax ...