With the huge interest in my post on $8,000 Credit for Home Buyer in New Stimulus Plan, I thought it would be good to layout what exactly IS the new $8,000 Home Buyer's Tax Credit. Below is a brief list of some things that you need to know about the tax credit. First-Time Home Buyers ONLY The new tax credit, similar to the previous one, is for 1st time home buyers only purchasing a primary residence. The tax credit is 10% of the home purchase up to the full $8,000. Unlike the previous $7,500 tax 'credit' this one is a true credit and does not have to be repaid. The definition of "1st time Home Buyer" for the purpose of qualifying for this tax credit is any person that has not owned a principle residence within the last 3 years prior to purchase. If you're married, both you and your ...
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