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Making the House Tax Credit Work for You

House Tax Credit

A house tax credit is a credit that is given to first time home buyers. House tax credits are also given to individual who have not owned a home in over three years. When a person purchases a house, a house tax credit is given if there income falls under a certain limitation.

As of 2010, if an individual home owner makes over $75,000 they are not eligible for a house tax credit; if joint home owners make over $150,000 then they too are not eligible for the credit. A house tax credit is filed for after the close of the sale for the home is under way. Often, if a loan is used, then the tax credit is not offered to the new home owners. The cutoff date to receive house tax credits is November 30th. As of 2010, the tax credit was $8,000.

NEXT: Serious Ramifications Of Tax Evasion

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