Tax Law Highlights - 2012
First-Time Homebuyer'S Credit
The First-Time Homebuyer's Credit no longer exists. The First-Time Homebuyer's Credit for homes acquired after 4/8/08 and before 1/1/09 have to be recaptured over a 15 year period. The 15 year period began in 2010. Any taxpayer who used the First-Time Homebuyer's Credit in 2010 or 2011 and sold the house in 2012 must recapture the entire credit in 2012.
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