Claim Tax Rebate

August 17, 2010

The American President Barrack Obama’s stimulus package of 2009 contains many provisions to boost up home buying affordability of middleclass Americans. It offers many grants and tax rebates for the individuals who will purchase new homes for the first time. It provides a refundable credit of $8,000 to every first time home owner. The package also allows home owners to request for a loan modification if their mortgage goes beyond 105% of the present market value of the house.


How to Claim for Tax Rebate on Your Home Loan:  If you are a first-time home buyer and want to claim for tax rebate for purchasing your dream home, there are some things that you should know.

  • The first thing you will have to do is to download forms from the websites of Federal Housing Administration (FHA) and US Federal Housing and Urban Development Department (HUD) and fill them out.
  • This package is applicable only to American houses.
  • You cannot claim for tax rebate if you are buying the house from any of your relatives or friends.
  • There is no need to repay this year’s tax credit.
  • If you are not married, your annual income should not go beyond $75,000.

If you are married, the joint income of you and your husband or wife should not be more than $150,000.

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Written by Uncle Sam · Filed Under Taxation 

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