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A first time homebuyer tax credit offers a direct reduction of the amount of income tax you owe. ... (later increased to $8,000), which had to be repaid in equal installments over 15 years. Under ...
The Homebuyer Assistance and Improvement Act of 2010, signed into law by President Obama in July 2010, modified the terms of the existing first-time homebuyer's credit. The new law extended the ...
The credit is phased out for couples making more than $160,000. $6.6 billion: Homebuyer credit: $8,000 refundable credit for all homes bought between January 1, 2009, and December 1, 2009, and repayment provision repealed for homes purchased in 2009 and held more than three years. This only applies to first-time homebuyers. [47]
Besides extending the $8,000 tax credit for first time home buyers until April 2010, the Act also provides a $6,500 tax credit for current homeowners who purchase a home between November 6, 2009 and end of April 2010. [7] The Act also increases the income limits to qualify for the credit.
The first-time homebuyer credit was a tax credit for individuals and families who purchased a new home between April 9, 2008 and April 30, 2010, according to the IRS.
WASHINGTON -- Buying a home is about to get cheaper for a whole new crop of homebuyers -- $6,500 cheaper. First-time homebuyers have been getting tax credits of up to $8,000 since January as part ...
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