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First Time Home Buyer Tax Credit extended; Repeat Home Buyer Tax Credit Created
On November 6th, 2009, President Barack Obama signed legislation extending the First-Time Home Buyer Credit and creating a new tax credit for repeat home buyers. A tax credit of up to $8,000 is available for first-time home buyers purchasing on or after January 1, 2009 and on or before April 30, 2010. A tax credit of up to $6,500 is available for repeat home buyers. For the repeat buyer tax credit, the buyer must have owned and used the same home as a principal or primary residence for at least five consecutive years of the eight-year period ending on the date of purchase of a new home as a primary residence. The repeat home buyer tax credit applies to houses sold after November 6, 2009 and on or before April 30, 2010.
For further details and stipulations, see the press release at irs.gov
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