The first time home buyer tax credit is made available after the present Obama administration took a big leap in reviving the declining market of housing realty. This credit is part of the stimulus package approved by the federal government to resuscitate the ailing US economy. Some of the home buyers can have the $7,500 credit available for them if they are qualified in the mentioned qualifications.
So if you’re looking for a mobile home for sale you can take advantage of the credit the federal government offers to would be home buyers like you. But you are required to be certain that you understand all the details of the credit before you apply for it.
First time home buyer tax credit is available only if you buy a mobile home as your principal residence. This means that your mobile home needs to be the home where you plan to reside nearly all of the time. This credit is also available to the principal purchase of a condo, town house houseboat or a separated home as long as it is your main residence. Accordingly, your mobile home must be in the US. Please keep in mind that it is not eligible if you buy your mobile home from your parents, or siblings.
Although mobile homes fall under the category of qualified homes for availing tax credit, there are other requirements you should take into consideration to avoid waste of your time and effort in applying the credit. These are the following qualifications needed for your application:
1. The tax credit is only available 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 credit. Married couples must fit to the definition. But the rules on married couples are vague because the rules did not provide if 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 if you are married head of a household or single. If you are filing a joint tax return in conjunction with your wife, your MAGI must $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 below $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 credit if you bought your home before April 9 2008. 2009 home buyers are likely to have the tax credit.
To further your knowledge about the first time home buyer credit that is currently being offered by 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 avoid credit problems in the future.
First Time Home Buyer Tax Credit if You Buy a Mobile Home