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2009 First Time Buyer Tax Credit
-The American Recovery & Reinvestement Act of 2009 authorizes a tax credit for First Time Home Buyers purchasing a primary residence.
-The Tax Credit = 10% of the purchase price (up to a maximum of $8000) Eligible dates are January 1,2009 - December 1, 2009.
-Single Taxpayers with incomes up to $75,000 or married couples with incomes up to $150,000 qualify for the full tax credit (if you earn more than the limits, you may be eligible for a modified tax credit - talk to your CPA for more information).
-A “First Time Buyer” is defined as someone who has not owned a home during the 3 years prior to the purchase.
-The 2009 Tax Credit does not have to be repaid as long as the owner occupies the home for 3 years after purchase.
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