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First Time Home Buyer Credit

If you are a first time home buyer and you buy your house between January 1 and December 31, 2009 you qualify for an $8000 credit. To qualify for the credit you must meet the following criteria:

* You must be a first-time home buyer. The IRS defines this as someone who has not owned a principal residence during the three-year period prior to the purchase.
* You must purchase your home on or after January 1, 2009 and before December 1, 2009.
* If you are single you must make less than $75,000, and if you are married your combined income must be less than $150,000 to qualify for the full tax credit.

The credit is equal to $8000 or 10% of our homes purchase price, whichever is smaller. And this credit, unlike the previous credit of $7500 does not have to be repaid.

If you have already filed your taxes for the year you will need to file two forms in order to receive the credit. The first is the 5405 form (PDF) which is the form specifically for the credit, and the second is a 1040x form (PDF) which is an amended tax return.

For more information about the credit go to www.federalhousingtaxcredit.com/.

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( 1 comment — Leave a comment )
muliebrity
Apr. 20th, 2009 03:34 am (UTC)
I'm bookmarking this for future use. Thanks!
( 1 comment — Leave a comment )

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