Are you searching for a home and qualify for the tax credit as a first time homebuyer? You will be pleased to know that unlike the first time homebuyer tax credit of up to $7500 being offered during 2008, the 2009 version, which increased the amount of the tax credit to up to $8000, does not have to be repaid!
The 2009 tax credit does not have to be repaid as long as the homebuyer lives in the home for three years or more. Less than three years then the entire amount of the credit is recaptured on the sale.
This homebuyer tax credit is only available for home purchases made from Jan. 1, 2009, through Nov. 30, 2009, and is equal to 10 percent of the cost of the home, up to a maximum credit of $8,000.
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