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New First-Time Buyer Tax Credit

Under the new housing bill, buyers who have not owned a home in the previous threes years will be eligible for a tax credit of 10 percent of the property, up to a maximum of $7,500. Here are some details:

-The credit is $3,750 for married couples filing separately and unmarried people who file jointly can divide the $7,500 credit.

-The credit is actually a loan, which home buyers must repary over 15 years at a zero percent interest rate. Payments on the loan will begin in the second year after the purchase.

-The credit only applies to homes purchased on or after April 9, 2008 and before July 1, 2009.

-High-income buyers do not qualify. The benefit begins to phase out for single filers with an adjusted income of more than $75,000 and $150,000 for joint filers. It completely cuts off at $95,000 for singles and $170,000 for couples filing jointly.

One thought on “New First-Time Buyer Tax Credit

  1. HI

    I think it is a unfair because I think tax must be pay on time.

  2. Hi

    I think it is a unfair with the Government and I think it is a disappointed thing.

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