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First-Time Homebuyer Tax Credit

First-Time Homebuyer Tax Credit Definition

A tax credit that can be obtained by qualified first-time home buyers purchasing a principal residence. The tax credit is not a deduction, but rather a loan, as federal income tax liability is reduced up to the amount of the credit. The credit has to be repaid to the government. The total amount of the credit is divided into 15 parts, each of which is due annually for 15 years.

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First-Time Home Buyer
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Real Estate
Taxes




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