{"id":46492,"date":"2023-09-24T22:09:00","date_gmt":"2023-09-24T22:09:00","guid":{"rendered":"https:\/\/businessyield.com\/?p=46492"},"modified":"2023-09-28T13:51:19","modified_gmt":"2023-09-28T13:51:19","slug":"new-homeowners-tax-credit","status":"publish","type":"post","link":"https:\/\/businessyield.com\/finance-accounting\/new-homeowners-tax-credit\/","title":{"rendered":"NEW HOMEOWNERS TAX CREDIT: What It is And The Eligibility","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n
New homeowners who fulfill specific criteria can receive a $15,000 tax credit through the new homeowner’s tax credit pursuant to the 2021 Act. The aim is to assist US citizens with low and medium incomes to become homeowners. Read on to learn more about the new homeowners’ tax credit in 2023. <\/p>\n\n\n\n
New homeowners\u2019 tax credits are federal income tax credits provided by the government to those who acquire their first house. Tax credits are a method for the government to provide cash benefits to citizens that pay their taxes for certain actions or behaviors. When you file your free tax return<\/a>, they instantly decrease the sum of your tax due.<\/p>\n\n\n\n A few requirements must be met in order to be eligible for the new homeowners’ tax credit. Notwithstanding, the credit is not limited to people who have never owned a property. If you have never owned a home or cosigned for a loan, you are regarded as one. <\/p>\n\n\n\n To be eligible, you must meet one of the following criteria:<\/p>\n\n\n\n To assist new homeowners with a refundable tax credit of up to $15,000, Congressman Earl Blumenauer (D-OR) and other lawmakers filed legislation in April 2021.<\/p>\n\n\n\n Blumenauer stated in a news release that the First-Time Homebuyer Act of 2021 wants to encourage “housing stability and massive wealth possibilities for poor and intermediate Americans, especially amongst historically excluded populations.” <\/p>\n\n\n\n In conjunction with the 2008 Housing and Economic Stimulus Act, a similar tax credit (the First-Time Homebuyer Tax Credit) was passed. According to Blumenauer, “almost 1.5 million households claimed the credit to help them in their acquisition of the property.” It’s important to remember that for the bill to become law in December 2021, it must be approved by both houses of Congress.<\/p>\n\n\n\n If you are a first-time homeowner and purchase your first home in America, you can receive a tax credit equivalent to 10% of the sales price during this tax year. There is a $15,000 cap on this tax credit. Couples filing different returns will be limited to $7,500 in credit based on their filing status.<\/p>\n\n\n\n The 2023 new homeowners tax credit still remains a bill as of the month of July, and it has not been enacted as a law yet. So, we still wait until the new homeowners’ tax credit 2023 becomes a law and not just a bill!<\/p>\n\n\n\n Due to certain criteria,<\/a> not everyone will be able to have this first-time homeowner tax credit. The following are the present requirements for those that will be eligible. Have in mind that the bill’s specifics may be altered before it is passed into law.<\/p>\n\n\n\n Neither you nor anybody else on your credit report may have owned a home or signed for a mortgage during the previous three years. This is true for both primary and secondary residences.<\/p>\n\n\n\nWho is Eligible for the New Homeowners’ Tax Credit?<\/span><\/h3>\n\n\n\n
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The New or First Time Homeowners Act of 2021<\/span><\/h2>\n\n\n\n
New Homeowners Tax Credit 2023<\/span><\/h3>\n\n\n\n
The New or First Time Homeowners Act of 2021: Who Is Eligible?<\/span><\/h2>\n\n\n\n
#1. Must Be a New Homeowner<\/span><\/h3>\n\n\n\n
#2. The Tax Credit Can\u2019t Be Taken Twice<\/span><\/h3>\n\n\n\n