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What are the important details on 8000 tax credit for first time home buyers?

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Some important facts of $8,000 tax credit for first time home buyers are:
  1. It is a true tax credit to home buyers, not a loan as initially devised.
  2. It is only for "first time" home buyers who haven't owned real estate in the last 3 years.
  3. It is capped at 10% of the purchase price.
  4. The buyer must remain in the home for the minimum of 3 years.
  5. It is applicable for first time buyers that buy or have bought between 1/1/2009 and 12/1/2009.
  6. Full credit is available to those making $75,000 or less or $150,000 for joint filers.
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