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First-Time Home Buyer Tax Credit
The first-time home buyer's tax credit is a refundable tax credit. This means that the government will refund You, the first time home buyer $8,000, if you buy a home by December 1 2009. This is
NOT a "tax deduction" or "write off". It is real $ that is paid to you
and you can recieve your check this year. See if you qualify.
- The tax credit
is for first-time home buyers only. For the tax credit program, the IRS
defines a first-time home buyer as someone who has not owned a
principal residence during the three-year period prior to the purchase.
- The tax credit does not have to be repaid.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
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