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Congress Reapproves $5000 DC Homebuyer Tax Credit
The invaluable $5,000 DC Homebuyer Tax Credit and the Business Tax Credits has been extended through the end of 2007 and made retroactive for all of 2006.
Q & A on the $5,000 DC Homebuyer Tax Credit
- Does it matter how much money I make?
Eligibility for the credit is phased out for single filers making $70,000 to $90,000 (adjusted gross income) and joint filers making $110,000 to $130,000. For example, single filers making $70,000 (or joint filers making $110,000) would receive the entire credit; single filers making $80,000 (or joint filers making $120,000) would receive a $2,500 credit; single filers making $90,000 (or joint filers making $130,000) would not receive the credit.
- What if I have already owned a home in the suburbs or in the District?
Those who have owned a principal residence before in the suburbs or in the District are still eligible as long as they have not owned a home in the District of Columbia during the year preceding the new purchase.
- When do I get the $5,000?
First-time homebuyers will claim the $5,000 against federal income taxes they will file by April 15. If those taxes are less than $5,000, the remainder of the credit can be carried over and applied against the next year's taxes.
- Must the home bought with the credit be my primary residence?
Yes. This home must not be an investment property.
- How do I get the proper IRS form I need to file for the tax credit?
Call the IRS at 1-800-TAX -FORM to get your copy of the tax form for the $5,000.
D.C. homebuyer tax credit. Ask for Form 8859 "DC Homebuyer" or download it from the IRS website at http://www.irs.gov/.
