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New tax credit for homebuyers.

First-time homebuyers should begin planning to take advantage of a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008. Available for a limited time only, the credit:

* Applies to home purchases after April 8, 2008, and before July 1, 2009.

* Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.

* Is fully refundable, meaning that the credit will be paid to eligible taxpayers, even if they owe no tax or the credit is more than the tax that they owe.

Eligible taxpayers will claim the credit on new IRS Form 5405. Learn more at www.irs.gov/newsroom/article/0,,id = 186831,00.html.
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Title Annotation:CalCPA News
Publication:California CPA
Date:Oct 1, 2008
Words:114
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