Gimme A Break!

GIMME A BREAK – A first-time home buyer has until 12/01/09 (i.e., 6 months from today) to purchase a home that qualifies for a tax credit that is worth 10% of the cost of the home up to $8,000. The tax credit, which is phased out at adjusted gross income levels of $150,000 and up for a married couple, is claimed on IRS Form 5405. Please consult a qualified tax advisor or legal professional for details (source: National Association of Home Builders).

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