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The $8,000 tax credit for First Time Homebuyers - How & when to get it legally
Topic : $8,000 tax credit for first time homebuyers - And no, I am not trying to beat a dead horse. This post is timely and very important because of the comments and e-mails that I have been receiving. I want to share with you a list, the legal ways that the borrower can receive these monies.
As many of us know, you can't use the actual $8,000 tax credit for your downpayment. The IRS even lists this in their instructions. Please read what happened to the Tax Credit : The $8,000 tax credit as a downpayment - GONE -
The second issue? It is fraud to use the tax credit monies as your downpayment. Please read : FRAUD ALERT : Advice on the $8,000 first time homebuyers tax credit.
Here is the basic issue about whether or not you can use the tax credit as your down payment. You can't get the money ahead of time from the IRS to use it for your downpayment. You can get other monies ahead of time from other sources to use as your downpayment, and then apply for the $8,000 tax credit. But you can only apply for the credit after you ... more
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