An estimated 1.4 million Americans have used the $8,000 federal tax credit for first-time home buyers, according to the Internal Revenue Service.
A Dec. 1 deadline looms for first-time buyers to purchase a house to qualify for the tax credit.
The credit equals 10 percent of the purchase price of a home, up to $8,000. It either reduces the individual’s tax payment or will be returned as a higher refund next year.
There are income limits to the program, which is designed to ease the housing crisis by reducing the inventory of homes on the market.
clipped from columbus.bizjournals.com
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