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Everything you need to know about the 2008 and 2009 First Time Home Buyer Tax Credits
First time home buyer - Federal Tax Credit -- $7500 vs $8000
For many potential first time home buyers, the 2008 and 2009 "First-time Homebuyer Tax Credit" has been a bit of a mystery.
I've had many questions such as -- When do you get your tax credit? Do you have to pay it back? What if you sell your house within 2 or 3 years? What if I'm a first time home buyer but my husband isn't?
REALTOR.org created a "Cheat Sheet" that covers EVERYTHING and should answer 99% of your questions about the 2008 and 2009 First time home buyer tax credit.
>>> VIEW THE "CHEAT SHEET"
FREQUENTLY ASKED QUESTIONS:
What is the difference between the 2008 tax credit and the 2009 tax credit (other than the amount)?
The primary difference is that the $7500 tax credit of 2008 needs to be paid back over the next 15 years (at $500 per year). The new 2009 tax credit does not need to be paid back, as long as you stay in your home for at least three years.
When would I receive the $8,000?
There are several variables. Assuming that you qualify for the full $8000 tax credit, ... more
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