Congress Enacts Bigger and Better
Home Buyer Tax Credit
In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers. Unlike 2008 similar tax credit for first-time home buyers, which was limited to up to $7500; the new credit does not have to be repaid.
But time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible. The amount of credit available for tax year 2009 can be up to $8000. Here are the remaining qualifications:
*Must be first-time home buyer
*Home must be used as your principal residence
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