Frequently Asked Questions About the Home Buyer Tax Credit

If the home is modestly priced, is the tax credit still $8,000? Generally, for home buyers purchasing a home priced less than $80,000 the tax credit is equal to 10% of the purchase home price. Therefore, a first-time home buyer purchasing a home for $65,000 would receive a $6,500 tax credit. What is the "Modified Adjusted Gross Income" (MAGI ... ................
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