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Two Tax Credits for First Time Home Buyers
March 1st, 2009 1:36 AM

If you are confused about the recent passing of a second tax credit for first time home buyers, don't worry, you are not alone. Be advised, there are TWO tax credits and both of them are ONLY for first-time home buyers (ie. you are a first-time home buyer if you haven't owned a home in the 3yrs previous to this purchase).

1. If you purchased a principal residence on or after April 9, 2008 and before January 1, 2009 you may qualify for up to $7,500 in a tax credit.

2. If you purchased a principal residence on or after January 1, 2009 and before December 1, 2009 you may qualify for up to $8,000 in a new tax credit. Unlike the initial tax credit, above, this one does not have to be repaid!

Click here for details on both of these tax credits. This is an easy to navigate website with loads of information written in non-legal language we can all understand. Another interesting provision of The American Recovery and Reinvestment Act of 2009 (covered in The Law's Other Provisions section of this website) that benefits homeowners is the extension of the tax code section 25C for energy-efficient home improvements through the end of 2010. This provision actually increases the credit rate from 10-30%, raises the lifetime cap  from $500 to $1500 and expands the list of eligible improvements!

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Posted by Karen M Wilson on March 1st, 2009 1:36 AMPost a Comment

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