How is the tax credit derived? 10% of the purchase price up to $80,000 When does one have to purchase in order to qualify? (Jan 1st - Nov 30th '09) Does the tax credit require repayment? It depends... if you keep your home for more than 3 years it is forgiven Is the tax credit exclusive? Yes... first-time home buyers only (IRS Definition: one who has not owned a principal residence within the last 3 years Are there income limitations? Yes... single purchaser - income not to exceed $75,000, joint purchasers - combined income not to exceed $150,000 Can I claim the credit on my 2008 taxes? Yes... be sure to speak with your tax preparer for specific questions Can I use this credit towards my...
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