First time home owners can get $8,000 from the government for buying at house in 2009. And it isn’t just for first time home owners. If you haven’t owned a house in the past three years you qualify.
The $8,000 is the maximum amount of the credit. If you buy a house for less than $80,000. You will only get 10% of the purchase price. You can also use it for building a house, but you have to move in by the end of 2009 in order to get the tax credit.
The money comes as a refundable tax credit. This means that it comes off the amount you own on your taxes. So if you owe $10,000, you will only owe $2,000. The “refundable” part means that you get it even if you don’t owe any taxes. If there are no taxes for it to wipe out, the government will just cut you a check.
I wouldn’t go out and buy a house just to get the money from the government, but if you are looking for a place to buy this can be added incentive.
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