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UP TO $8,000 IN TAX CREDITS AVAILABLE FOR HOME BUYERS
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers.
Visit the National Association of Home Builders site to learn more about the tax credit. |
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$6,500 Repeat Home Buyer Tax Credit
- Receive a tax credit of up to $6,500 if you purchase a principal residence after November 6, 2009 and on or before April 30, 2010
- You can qualify if you have owned and resided in the same home for five consecutive years of the eight years prior to the purchase date.
- You do not have to repay the home buyer tax credit.
- You do not have to purchase a home that is more expensive than your previous home to qualify for the tax credit.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
- The income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return.
- Learn more.
$8,000 First-Time Home Buyer Tax Credit
- Receive a tax credit of up to $8,000 for qualified if you purchase a principal residence on or after January 1, 2009 and on or before April 30, 2010.
- The income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return.
- The tax credit does not have to be repaid.
- First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. 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.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- Learn more.
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| - This information has been compiled from information provided by NAHB - | The information provided herein is not intended, and should not be construed to be legal, tax, or investment advice. Before taking any action based on this information you should consult with a qualified legal, tax and/or investment professional. The information provided herein, is intended to be general in nature and is provided with no guarantee as to its timeliness, completeness or accuracy. |
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