Asked by Jonathan Mohney, Bloomington, IN • Sat Feb 21, 2009
- First Time Buyer means Haven't owned a home in last 3 years.
- Buy house/condo between Jan 1 and Dec 1, 2009
- Use home as primary residence for next 3 years.
- Get 10% of home price up to $8000 tax credit.
- May elect to take in 2008 or 2009 taxes. May amend 2008 return if already filed.
- Get cash from the government even if no taxes owed.
- Never have to pay back, unless you sell in next three years.
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