First Time Home Buyer Tax Credit

A $7,500 tax credit is available to first-time home buyers who purchase a home between April 9, 2008 and July 1, 2009. For the purposes of this tax credit, anyone who has not owned a primary residence within the last three years is considered a first-time home buyer.

Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. The tax credit works like an interest-free loan and must be repaid over a 15-year period.

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