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First Time Home Buyer Tax Credit
Here are the basices....as with most items involving taxes please consult your tax specialist.
The Basics: 2009 First-Time Home Buyer Tax Credit 
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.
WHO QUALIFIES?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.  To qualify as a first-time home buyer the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
WHICH PROPERTIES ARE ELIGIBLE?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single family homes, condos, townhomes, and co-ops.
HOW MUCH WILL THE CREDIT BE?
The maximum allowable credit for home buyers is $8,000. Each home buyer"s tax credit is determined by two factors:  The price of the home - the credit is equal to 10% of the purchase price of the home, up to $8,000. The buyer's income - single buyers with incomes up to $75,000 and married couples with incomes up to $150,000 - may receive the maximum tax credit.
IF THE BUYER(S)' ... more

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