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19 Aug First Time Homebuyer Tax Credit That Isn’t

The idea that giving a tax credit to first-time home buyers would enable significant numbers of families to enter the housing market, stimulating a faltering real estate market, was probably a pipe dream from the outset. In practice, very few families would receive enough cash through the credit to make buying a home feasible. In any case, the credit is really only an interest-free loan from the IRS which must be repaid, either through increased taxes in subsequent years or from proceeds of the sale of the residence.

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