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6 Ways to Get a Bigger Tax Refund

 

Buying a house

If You Bought a House

Take advantage of the homebuyer tax credit, which offers up to $8,000 for first-time buyers. To get this credit, the purchase must have occurred between January 1, 2009, and June 30, 2010 (with a signed contract by April 30). Repeat homeowners can get a credit of up to $6,500. (The IRS defines a repeat homeowner as someone who has owned and lived in the same residence for at least five consecutive years out of the past eight and is buying a new home.) The credit for repeat owners starts phasing out for single taxpayers making a modified adjusted gross income of more than $125,000 and married taxpayers making $225,000. If you're married, both of you must have an eligible home ownership history. Since the income phaseouts are different for first-time home buyers depending on when you bought, be sure to check out federalhousingtaxcredit.com for more info.

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