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Can anyone explain the

first time home buyer's program(s) and the $8,ooo tax break we get for buying a new home.


Asked by Anonymous at 9:50 PM on Apr. 27, 2009 in Politics & Current Events

This question is closed.
Answers (4)
  • As I understand it...
    If you have not owned a home in 3 years, you qualify. You need to purchase the home after January 1st 2009 but before December 31st 2009. If you purchase now, you can either readjust your 2008 tax return and get the money now, or file it with your 2009 tax return.
    It is supposedly money that you will not have to repay, (example, if you owe $3000 in taxes and qualify for this credit you will actually get a $5000 check back).
    Best of luck!

    Answer by NewMommyin06 at 9:54 PM on Apr. 27, 2009

  • OP...whatever you do, make sure you can actually AFFORD the house you buy with your tax credit! I'm tired of people buying houses they have no business buying in the first place! If you NEED a tax credit in order to AFFORD your home, then you are not ready for home-ownership!

    Answer by Anonymous at 11:05 PM on Apr. 27, 2009

  • 10:05 anon, you don't get the tax credit to buy a home, you get it for buying a home. In other words, AFTER you purchase the house, you get the credit.

    Answer by Anonymous at 11:44 PM on Apr. 27, 2009

  • You can tell it is an Obama program. Only 1st time buyers who have not owned a home in the last 3 yrs can get the break...........

    Answer by itsmesteph11 at 11:43 AM on Apr. 28, 2009