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First Time Home Buyer Tax Credit 2008 vs 2009 | PowerOptions Web Log
One feature of the recent economic stimulus package, the American Recovery and Reinvestment Act of 2009, that has garnered a great deal of attention is the first time home buyer credit. This credit is actually a revision of a similar tax credit that was introduced in 2008. While there are many similarities between the two tax credits there are very significant differences as well. Similarities As the name suggests, both the 2008 and 2009 tax credits are for first time home buyers. For purposes of this credit anyone who did not own a home in the previous three years qualifies as a first time home buyer. The home purchased must be a single family residence and must be the buyer’s principal residence. In both instances the credit can reduce, or better yet even eliminate, the amount of tax liability. See what the stock option experts are doing Sign up now...