Sunday, March 14, 2010

Is there a tax credit or some kind of rebate if you purchase a house in 2008?

jo614 is almost right, but forgot to mention that this "credit" is only for first time home buyers.

Is there a tax credit or some kind of rebate if you purchase a house in 2008?
Yes but you must have purchased the home after April 8, 2008. The credit is 10% of your purchase price to a max of $7500. It is a refundable credit which means that you get it even if you have no tax liability. You must repay this credit over the next 15 years at the rate of $500 per year.


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