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Eight Thousand Dollar Tax Credit for Buyers - It's Free Money
The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.  Here are 21 Questions and Answers about the Homebuyers Tax Credit
 
Who is eligible to claim the tax credit?
First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit,
a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the
purchase date is the date when closing occurs and the title to the property transfers to the home owner.
 
What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior
to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you
nor your spouse qualifies for the first-time ... more

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