Latest responses to “Tax Credit For First Time Home Buyers Extension” Copyright 2013, MoneyBlueBook.com 455070 2009-12-04T20:06:58-08:00 BubblePop Is it possible to qualify for a house tax credit if I am building a home right now on a lot I already own? 455060 2009-12-04T20:05:50-08:00 Sarah Schwartz I have a question about the home buyer tax credit. So if I buy a new home and decide to live in it, must I also sell my old house in order to take advantage of the tax credit? 455090 2009-11-26T18:22:08-08:00 Jeremy Hey very good information on this first time buyers home tax credit. But, is the new and updated one is this correct? Also, how long do you have to live or own the house to receive the tax credit and what would or does happen when if were you to leave before the time limit? Thanks for all you doing! 455080 2009-11-26T01:23:19-08:00 Molly S. About the home tax credit, what is it meant by income phaseout? For example, you say that the first time homebuying credit phases out for single tax returns between $125,000 and $145,000. Does that mean that if my income falls between those two amounts that I only get part of the tax credit? Just wanted to confirm. Also, this tax credit for first time buyers covers all types of houses such as single family detached homes, town homes, and even condominiums right? Like the govt is not trying to encourage one form of housing over another correct?