The Housing and Economic Recovery Act of 2008 (HERA) gives some house buyers an interest-free loan for buying a house. A married couple can reduce their federal income taxes in 2008 and 2009 by a maximum of $7500, for a total of $15,000 as tax credits. A single taxpayer gets half the credit. One is eligible if one did not own one’s residence during the previous three years. To qualify, one has to have bought the house after April 8, 2008, and before July 1, 2009. The credit is ten percent of the purchase price or the stated maximums, whichever is less. The credit is not available to those with upper incomes, such as above $95,000 for a single person.

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