First Time Home Buyer Tax Credit

$8,000 First-Time Home Buyer Tax Credit at a Glance

The tax credit is for first-time home buyers only. 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.To see answers to frequently asked questions to the $8,000 tax credit, visit this link:http://www.federalhousingtaxcredit.com/2009/faq.php

$7,500 First-Time Home Buyer Tax Credit at a Glance

First-time buyers who purchased a home between April 9, 2008 and January 1, 2009 may be eligible for a federal tax credit of up to $7,500.The tax credit is available for first-time home buyers only.
The maximum credit amount is $7,500.
The credit is available for homes purchased on or after April 9, 2008 and before January 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 works like an interest-free loan and must be repaid over a 15-year period.
To see answers to frequently asked questions for the $7,500 tax credit, visit this link:http://www.federalhousingtaxcredit.com/faq.php

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