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First-Time Home Buyer's Credit

  • This is a tax credit based on $5,000 for first-time home buyers.
  • An individual is defined as a first-time buyer if neither the individual nor the spouse owned and lived in another home in the calendar year of the current purchase or in the four preceding years.
  • The tax saving is $750, based on 15% of $5,000.
  • The credit applies to home acquisitions with a closing date after January 27, 2009.
  • You must occupy the purchased property as a principal residence.
  • If two people are eligible for the credit, the total cannot exceed the maximum that one person could claim.

There are other strategies that can be implemented to access The First-Time Home Buyer's Credit. Please contact us if you need further assistance or accounting services in the coming tax season. Click here for our contact information

First-Time Home Buyer's Credit - Simkover and Associates Chartered Accountants

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