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$8,000 Tax Credit Guidelines for First-Time Homebuyers

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Source:  IRS.gov – Information doesn’t reflect tentative Senate Extension

First-time homebuyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. The credit:

  • Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
  • Applies only to homes used as a taxpayer’s principal residence.
  • Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar.
  • Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

The credit is claimed using Form 5405, which you file with your original or amended tax return.

For More information, please visit the IRS.gov Website

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