Kentucky Ups New Home Tax Credit

The New Home Tax Credit is a nonrefundable credit, up to $5000, against individual income tax allowable to a qualified buyer. As we had previously written about back in April, Kentucky Joins in Tax Incentives for Home Buyers, some changes have been made. Here's how to know if you qualify. You can claim the credit if all of the following apply: Your qualified principal residence is a single family dwelling; Your qualified residence is purchased to be the principal residence of the qualified buyer(s) for a minimum of two (2) years; You purchase a new home after July 25, 2009 and