How
is the amount of
the tax credit
determined?
The tax credit is
equal to 10
percent of the
home’s purchase
price up to a
maximum of $8,000 |
How
is this home buyer
tax credit
different from the
tax credit that
Congress enacted
in July of 2008?
The most
significant
difference is that
this tax credit
does not have to
be repaid. Because
it had to be
repaid, the
previous
"credit"
was essentially an
interest-free
loan. This tax
incentive is a
true tax credit.
However, home
buyers must use
the residence as a
principal
residence for at
least three years
or face recapture
of the tax credit
amount. Certain
exceptions apply. |
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