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 Opportunity of a lifetime for first-time buyers: $7,500 tax credit for first-time homebuyers. Applies only to homes purchased after April 9, 2008 and before July 1, 2009. Call the Clark Group at 800-611-5419 and request report ID #1051 for a FREE report on the Federal Housing Tax Credit for First-Time Home Buyers program.

Unlike a tax deduction, this is a tax credit, meaning there is a dollar-for-dollar reduction in the amount of tax owed the IRS. Therefore, if a new buyer owes $7,500 in income taxes but also qualifies for the maximum credit, nothing will be owed to the IRS that year.

Since it is a tax credit, there is a payback provision, which is different from other tax credits in that this one must be repaid. Beginning in the second tax year following purchase, the full $7,500 credit is repaid at $500 each year over a 15 year period. If the home is sold and no profit is realized before the credit is repaid, the remaining balance is forgiven. If a profit is realized, the repayment cannot exceed the amount of the gain.

Does not apply to current homeowners.
 http://federalhousingtaxcredit.com/Last Updated on 12/30/2011 10:50:00 PM

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2/21/2020 7:30:52 AM
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