Thats right you no longer need to pay back the tax credit. If you are a first time home buyer, or if you have not owned a home in the past three years then you qualify. Tax credit shall be 10 percent of purchase price or $8,000 which ever is less. Tax credit can still be applied to this years taxes or next years. Example, if your 2009 taxes show that you will be getting 2500 dollars back and you are a first time homebuyer in 2009 with a purchase price over $80,000 then you will recieve a total $10,500 tax return.
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Call Brett Fine with RE/MAX Real Estate Concepts @ 515.314.8673
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