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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 June 30th, 2010. This is NOT a "tax deduction" or "write off". It is real $ that is paid to you and you can receive your check about 6 weeks after you close. 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 up to June 30th, 2010
- Single taxpayers with incomes up to $125,000 and married couples with incomes up to $250,000 qualify for the full tax credit.
- $6,500 tax credit for repeat home buyers, who have owned their home for 5 of the past 8 years
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