Income

Income refers to any money that you make. It could be from your part-time job, your hot-shot career, investments, inheritance, or even if you sell property. All income must be reported to the IRS and factored in when you pay your income taxes. Look here for more information about income, taxes and how to protect your assets.

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$8,000 First Time Home Buyer Tax Credit Not Available If You Purchase A House From Your Parents

The $8000 first time home buyer tax credit is quite a bit of money. But you must meet all the guidelines and restrictions. Some of the restrictions may seem unfail To qualify for the $8,000 first time home buyer tax credit, it must be your primary residence and you must fall under a certain income limit and the purchase of the home can't be from a relative. You can claim the $8000 first time home buyer tax credit if you make up to $75,000 for individuals, $150,000 filing jointly. The tax credit begins to phase out after that, and is eliminated at $95,000 ($170,000 for joint filing) of income. If you buy the home from a relative, you won't qualify for the $8000 first time home buyer tax credit.

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