$7500 Tax Credit For First Time Homebuyers
A first time homebuyer will now receive a tax credit of 10% of the purchase price up to $7500 maximum for the tax year in which they purchase their home. A first time homebuyer qualifies as long as the buyer and spouse if any, has not owned a principal residence in the U.S. for the last three years. The tax credit is available for homes purchased from April 9, 2008 through June 30, 2009. For more specifics about this credit please consult with your tax professional.
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