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The Housing and Economic Recovery Act of 2008 - How First Time Home Buyers can get a $7,500 Refundable Tax Credit
The Housing and Economic Recovery Act of 2008 was signed today and that could mean you or someone you know may qualify for up to a $7,500 Refundable Tax Credit.
A simple overview of how it works
You are eligible if:
You are a first time home buyer (meaning neither you nor your spouse has owned a principal residence (home, townhouse, condo, etc.) in the last 3 years.
You purchase(d) a home "on or after April 9, 2008, and before July 1, 2009".
Your Modified Adjusted Gross Income is less than $150,000 (for married taxpayers) or less than $75,000 (for single or head of household filers) in the year the home was purchased. (If your Modified Adjusted Gross income is higher than those limits, you may still qualify for a partial credit.)
This gives the home buyer a Tax Credit, NOT a Tax Deduction.
A tax deduction reduces the amount being taxed by the deduction amount. A tax credit reduces the amount owed by the credit amount.
The fact that this is a refundable tax credit means that if you owe less than the credit amount, not only would you not have to send in the funds for those taxes, ... more

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