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In 2008 Congress passed a $7500 tax credit designed to be an incentive for first time homebuyers.  The credit was designed as a mechanism to decrease the over supply of homes for sale.  For 2009, Congress has increased the credit to $8000 and made several improvements.  One significant change is that unlike the 2008 credit, the 2009 credit does not require repayment.

Only first homebuyers are eligible and you must purchase a home between January 1, 2009 and before December 1, 2009.  A person is considered a first time buyer if they have not had any ownership interest in a home in the three years previous to the date of the 2009 purchase.

Every dollar of a tax credit reduces income taxes by a dollar.  If you owe less than the $8000 tax credit, the government will send you a check for the difference.  If you only had a tax liability of $4000 you would receive a check from Uncle Sam for $4000.  If you don’t owe any income tax, you would be eligible for the whole $8000.

For more details and qualifying information please see your tax accountant.  It’s definitely worth looking into.

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