| Which taxpayers are eligible to claim the $7,500 tax credit?
According to the IRS, if the taxpayer is a first-time homebuyer, he or she may be able to claim a one-time tax credit of up to $7,500 ($3,750 if married filing separately) or 10% of the purchase price of your home (whichever is smaller).
Furthermore, the taxpayer may be able to claim the credit if both the following situation applies:
1. The taxpayer purchased their main home in the United States after April 8, 2008, and before July 1, 2009.
2. The taxpayer did not own any other main home during the 3-year period ending on the date of purchase.
The IRS states that "the taxpayer can choose to claim the credit on your 2008 Form 1040 for a main home purchased after December 31, 2008, and before July 1, 2009. If the home has been constructed the taxpayer is treated as having purchased it on the date you first occupied it."
It is also worth noting that for the purposes of the tax credit, the purchase date is the date when closing occurs.
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