Understanding the 2009 First-Time Home Buyer Tax Credit

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The First-Time Home Buyer Tax Credit has been renewed and revised for 2009. The 2008 version of this tax credit was capped at $7,500 and had to be repaid. The maximum amount of the tax credit for 2009 is $8,000 and the repayment requirements have been eliminated for the most part. In 2008, the credit was not available if home financing was obtained by means of mortgage revenue bonds. This restriction was also removed for 2009. Read more.

 

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