This could be the opportunity of a lifetime for first-time buyers. For aspiring home owners who find their goal stubbornly elusive, newly enacted legislation providing a tax credit of as much as $7,500 for first-time buyers might just be the break they need. 

Here’s the scoop on the first-time home buyer tax credit:

• The tax credit is available for first-time home buyers only
• The maximum credit amount is $7,500
• The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit
• Only homes purchased on or after April 9, 2008 and before July 1, 2009 are eligible. Visit the Federal Housing Tax Credit website to learn more about the tax credit.

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