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                              First-Time Home Buyer Tax Credit*

CREDIT EXTENDED !

What is the amount of the credit?                                                                

The maximum credit amount is $8000.00

What poperties are eligible?                                                                                          

Any single family residence(including condos, co-ops, townhouses) that will be used as principal residence.

Is it refundable?

Yes. It reduces(or can eliminate) income tax liability for the year of the purchase. Any unused amount of tax credit will be refunded to the purchaser.

Is there an income limit?

Yes. For people who purchase homes after Nov. 6, 2009, the full credit will be available to those with a modified adjusted gross income (MAGI) up to $125,000, or $225,000 for joint filers. Those with MAGI between $125,000 and $145,000, or $225,000 and $245,000 for joint filers, are eligible for a reduced credit. Those with higher incomes do not qualify.

Do you have to be a first-time home buyer?

Yes. Purchaser, and spouse if applicable, may not have owned a principal residence in 3 years previous to purchase.

Do I qualify if I use revenue bond financing?

Yes.

Do I need to repay the credit?

If the purchase was made on or after Jan 1, 2009 and on or before April 30th, 2010 you do not have to repay the credit.

Can the credit be recaptured?

Yes. If the home is sold within 3 years of purchase, the entire amount of the credit is recaptured during the sale.

Is there a deadline?

Yes. Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.

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* For more details on eligibility requirements for this refund please visit www.irs.gov