Home Buyer Tax Credit: How It Works

First-time home buyers in 2008 can take an income-tax credit on their purchase, thanks to passage in Congress earlier this year of the first-time home buyer tax credit.

The definition of first-time home buyer is generous. To get the credit, the home buyer cannot have owned a home in the previous three years. The home must be a principal residence and purchased between April 9, 2008 and July 1, 2009.

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Source: realtor.com, December 29, 2008