$8000 Tax Credit for 2009
The new first-time home buyer tax credit included in the federal government stimulus package may turn your home ownership dream into a reality!
FAST FACTS ON FIRST TIME HOMEBUYER TAX CREDIT
The tax credit is for first-time home buyers only. A first-time homebuyer is defined as anyone who has not owned a home in the last 3 years.
If held more than 3 years, the tax credit does not have to be repaid.
The tax credit is calculated at 10% of the home's purchase price up to a maximum of $8,000.
Principal residences, purchased on or after April 6, 2008 and before December 1, 2009 may qualify for the credit.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 may quality for the full tax credit.
This information was obtained from www.federalhousingtaxcredit.com. Consult your tax professional for details on how this may benefit you.
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