Thinking about purchasing your first home? The federal government is offering up an $8,000 tax credit for qualified first-time home buyers. The American Recovery and Reinvestment Act of 2009 authorizes this tax credit for purchases made on or after January 1, 2009 and before December 1, 2009. For purposes of the tax credit, the date of purchase is when closing occurs and the title to the property transfers to the home owner. A tax credit is different from a tax deduction. This tax credit is an actual reduction in the taxes the homeowner owes. In addition, the tax credit may be claimed even if the homeowner owes little or no federal income tax.
To see if you qualify, click here, and you can read more information at the IRS website.
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