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First Time Home Buyer Tax Credit
Enhanced Tax Credit Provides Outstanding Opportunity for Home Buyers
In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time buyers of 1 to 3 family homes.
But time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible. Use the links below to find out more about the tax credit.
Tax Credit at a Glance
- The tax credit is available for first-time home buyers only.
- The tax credit does not have to be repaid.
- The credit is equal to 10% of the home's purchase price, up to a maximum of $8000.
- 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.
- The tax credit can be used for 1 to 3 family homes.
Frequently Asked Questions...
Information provided by www.FederalHousingTaxCredit.com.
