As part of the economic stimulus bill awaiting President Obama’s signature on Tuesday, Congress has approved a new $8,000 tax credit for first-time home buyers. The new credit is 10% of the purchase price up to $8,000. There is no “re-payment provision” as there was in the previous tax credit. Home Purchases between January 1, 2009 and December 1, 2009 will qualify.

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Filed under: Benefits of Owning Property