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2009 Housing Tax Credit Info

For those who don't already know, first time home buyers who purchase their primary residence between January 1, 2009 and November 30, 2009 are eligible for a true "dollar for dollar" tax credit.
The tax credit is 10% of the purchase amount, not to exceed $8,000!

Examples:
Purchase a $70,000 house, get $7,000 tax credit
Purchase a $80,000 house, get $8,000 tax credit
Purchase a $200,000, get $8,000 tax credit (10%, not to exceed $8,000)

Key Highlights:
  • First time home buyers only (defined as those who have not owned a home in the past 3 years)
  • Primary residence purchases only (rentals, investments, etc do not qualify)
  • Does NOT have to be paid back (a true tax credit)
  • You don't have to wait until next years taxes to get it (you can amend your 2008 tax return and file for the money after you purchase!)
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