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Home Buyer Tax Credit - $7500 Available Now!
First-Time Homebuyer Tax CreditNOW AVAILABLE!!!One of the most exciting new provisions of the Housing and Economic Recovery Act of 2008 is the First-Time Home Buyer Tax Credit. The credit is designed to encourage first-time homebuyers to go ahead and make the leap to purchase their first homes. Combine this tax credit with the fact that home prices are at historical lows, and indeed it is an ideal time for many first-time homebuyers to purchase homes.FACTS of the First-Time Homebuyer Tax Credit:The credit is available for homes purchased between April 9, 2008 and July 1, 2009The credit amounts to 10% of the purchase price of the home not to exceed $7,500A first-time homebuyer is defined as someone who has not owned a home in the last three years Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. The tax credit works like an interest free loan and must be repaid over a 15 year period.How does a tax credit work?A tax credit is a special provision that reduces income tax liability on a dollar for dollar basis. When filing a tax return, you must include income items, deduction items and ... more

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