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Tax Credit Available for First Time Home Buyers
By admin | July 30, 2008
Nation’s Building News has a great article that provides detailed information on the new tax credit that President Bush signed today as part of the Housing and Economic Recovery Act of 2008, which allows first time home buyers up to $7,500 in tax credit towards the purchase of their first home. The credit will apply toward single family homes, townhomes and condominiums.
First-Time Home Buyer Tax Credit at a Glance
- The tax credit is available for first-time home buyers only.
- The maximum credit amount is $7,500.
- The credit is available for homes purchased on or after April 9, 2008 and before
July 1, 2009. - Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
“Frequently Asked Questions About the First-Time Home Buyer Tax Credit” provie more details on NAHB’s consumer Web site — www.federalhousingtaxcredit.com.
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