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| 2009-03-18: Stimulus Bill Includes $8,000 Tax Credit |
| Incentive promises to help both first-time homebuyers as well as families waiting to sell existing homes |
The recently passed First Time Home Buyer Tax Credit will be a huge benefit both to first-time homebuyers and families waiting to sell their existing homes. For qualified families, the bill authorizes a one-time tax credit of $8,000 for new homes purchased or built between January 1, 2009 and December 1, 2009. In order to qualify, you must take possession of your new home prior to December 1, 2009.
Some other highlights of the plan:
- The tax credit does not need to be repaid.
- Both newly constructed homes and existing homes qualify for the credit.
- Married couples with a combined adjusted gross income of less than $150,000 qualify for the credit.
- The credit is refundable. This means you will receive the entire credit, even if you pay less than $8,000 in federal income tax.
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