First Time Home Buyer Colorado Tax Credit. Created as a response to the 2008 financial crisis the housing and economic recovery act hera allowed new home buyers to get a tax credit of up t0 7 500 during the first year of the initiative. What is the first time home buyer tax credit.
The new homeowner s tax credit that many filers are familiar with is the first time homebuyer credit which was passed in 2008 under hera or the housing economic and recovery act under obama. Best free tax software. In 2008 the housing and economic recovery act sought to encourage americans to purchase homes by creating a tax credit worth up to 7 500 for first time buyers.
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If this is you don t worry this is a common but inaccurate assumption. In 2009 congress increased the amount first time buyers could earn to 8 000. We help first time buyers become homeowners. If this is you don t worry this is a common but inaccurate assumption.