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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? 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.

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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