An estimated 1.4 million Americans have used the $8,000 federal tax credit for first-time home buyers, according to the Internal Revenue Service.
A Dec. 1 deadline looms for first-time buyers to purchase a house to qualify for the tax credit.
The credit equals 10 percent of the purchase price of a home, up to $8,000. It either reduces the individual’s tax payment or will be returned as a higher refund next year.
There are income limits to the program, which is designed to ease the housing crisis by reducing the inventory of homes on the market.
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