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You are currently browsing the IRS Tax Talk weblog archives for the day 25. February 2009.
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Archive for 25. February 2009
Housing Credit as of 02.17.09 (Stimulus Law Signed)
25. February 2009 by admin.
For primary homes purchased before Dec 1, 2009, the max credit is $8,000 and it need not be paid back unless the home is sold within three years of purchase.
The 2009 purchase can be carried back to 2008 for the full $8,000.
Homes purchased in 2008 still have the 15-year repayment rule.
The credit is fully refundable.. meaning, to be received in full even if it exceeds the tax bill for the year.
Posted in Income Tax | 1 Comment »
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