Through April 30, 2010 home buyers can qualify for either an $8,000 “First-time Home Buyer Tax Credit” or $6,500 “Move-Up / Repeat Home Buyer Tax Credit” depending on their income and residence status. Tax credits are better than tax deductions because they are dollars straight into your pocket (i.e., if you qualify for the $8,000 credit, that’s $8,000 more in your pocket rather than the IRS, or possibly an $8,000 bigger refund at the end of the year). Read more at http://www.federalhousingtaxcredit.com/glance.php which summarizes the current credits and provides links to learn more.
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