■ The American Recovery and Reinvestment Act of 2009 includes an $8,000 first-time home buyer tax credit for 2009 deals closed before Dec. 1.
■ Buyers can take the credit on 2008 or 2009 tax returns, but must claim the home as their main residence for at least three years. The credit is applied to 10 percent of the purchase price, up to $8,000. To qualify for the full amount, married couples filing a joint return must make no more than $150,000, and individuals cannot earn more than $75,000.
■ Under the law, a first-time buyer is defined as someone who has not owned a principal residence during the three years prior to the date of purchase.
Source: Internal Revenue Service
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