Tax Credit For Buying First Home

Buying a home can help lower your tax bill. In fact, tax breaks for homeownership are a primary motivation for many people to buy their own home. To get the maximum tax benefit from your home purchase, it’s important to understand what’s available to you.

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MCC, or Mortgage Credit Certificate is a dollar for dollar federal tax credit available to first time home buyers. This credit must be applied for at the same time that you are qualified by your lender. Interested first time buyers may have to shop around to find a lender that offers this special credit.

You must be first-time homebuyers unless the home you’re buying is in a federally designated targeted area or you’re a veteran qualifying under the Heroes Earning Assistance and Relief Tax Act (the HEART Act) of 2008. You must live in the property you’re purchasing for the entire duration of the loan and must move in within 60 days of closing.

Interest tax breaks don’t end with your home’s first mortgage. Did you pull out extra cash through refinancing? Or did you decide instead to get a home equity loan or line of credit?

 · HomeBuyerTaxCredit.com Can Help. Are you planning to buy a house that costs $800,000 or less? Are you buying or building a new construction home? (To be eligible for the home buyer tax credit, you must close and have a certificate of occupancy by June 30, 2010.) Will you be under contract by April 30,

Buying your first home is a major financial undertaking. luckily, the government of Canada offers a variety of grants and special programs to help ease the financial strain, as a way to encourage more Canadians to take the leap into home ownership.. First-Time Home Buyers’ Tax Credit (HBTC)

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To encourage Americans to buy their first homes, the government offers credits and tax breaks. Here's the lowdown on who can qualify for each.

The 2008 and 2009 first-time home buyer tax credit have the same goal, which is to lower the taxpayer’s tax payable or increase his or her refund. Both 2008 and 2009 are also fully refundable which means taxpayers will get a refund if their tax is less than the credit amount or if they do not have any tax payable amount.