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How does to 8000 dollar tax break for buying a house work?

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Anonymous

Asked by Anonymous at 10:00 AM on Mar. 11, 2009 in Home & Garden

Answers (5)
  • Okay, I understand your question now. Did you buy a home in 2008? If so, I believe that they knock off $8000 of your tax liability.

    JeremysMom

    Answer by JeremysMom at 10:02 AM on Mar. 11, 2009

  • no I am wanting to buy a house this year.
    Anonymous

    Answer by Anonymous at 10:07 AM on Mar. 11, 2009

  • Here is some info about it. Just a warning though- You have to pay the money back starting in about 2 years.

    http://www.bankrate.com/brm/news/mortgages/housing-bill-20080725a1.asp
    JeremysMom

    Answer by JeremysMom at 10:13 AM on Mar. 11, 2009

  • thanks
    Anonymous

    Answer by Anonymous at 10:17 AM on Mar. 11, 2009

  • Actually, the above link is to the OLD housing rebate of 2008. The new one is a tax credit of $8000, and it does NOT have to be repaid unless the home you buy ceases to be your primary residence within 36 months (like if you buy a second home).  Check out the IRS website for accurate info: 


    http://www.irs.gov/pub/irs-pdf/f5405.pdf

    StarLee

    Answer by StarLee at 11:00 AM on Mar. 11, 2009

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