When does the first-time home buyer tax credit expire?

By Kirk Mason (mason@wsbt.com)

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When does the first-time home buyer tax credit expire?

(WSBT file photo)

By Beth Boehne

Story Created: Jul 27, 2009 at 12:31 PM EST

Story Updated: Jul 27, 2009 at 1:58 PM EST

If you buy your first home this year, you could get a very large check on your tax return next year. But there is a deadline you have to meet, and it's not the end of the year.

A viewer has a Good Question: When does the first-time home buyer tax credit expire?

WSBT's Kirk Mason has the answer.

One part of the federal government's plan to help the struggling housing industry is through what's being called the first-time home buyer tax credit. Home buyers are eligible for up to an $8,000 tax credit that would be paid as part of your tax refund next year.

In other words, a $2,000 refund check could become a $10,000 check.

To be eligible, that first-time home buyer must purchase before December 1, 2009 — that means the closing must happen before that date.

Not everyone will get an $8,000 credit; you must have paid at least that much income tax to earn that level of credit.

This tax credit is not just for first-time home buyers. If you have not owned a home with in the last three years you can also qualify.

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