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This is a discussion on Tax Advice within the Legal Help forum, part of the Create Wiki Article category; The American Recovery and Reinvestment Act of 2009: IRS Information Center Information for Individuals & Businesses The IRS is implementing ...

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The American Recovery and Reinvestment Act of 2009: IRS Information Center

Information for Individuals & Businesses

The IRS is implementing the tax-related provisions of the American Recovery and Reinvestment Act of 2009 (ARRA) as quickly as possible. More information on these and other provisions of the recovery program will be available on this Web site as it becomes available.

Read more:

The American Recovery and Reinvestment Act of 2009: Information Center

First-Time Homebuyer Credit

Overview

First-time homebuyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. The credit:
  • Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
  • Applies only to homes used as a taxpayer's principal residence.
  • Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
  • Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

Read more:

IRS: First-Time Homebuyer Credit

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Created by top_admin, Mar 22nd, 2008 at 11:25 AM
Last edited by forum_admin, Jul 7th, 2009 at 12:35 AM
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