First Time Homebuyer tax credit expires next month

The Treasury Department says potential Indiana homeowners have only until May 1 to take advantage of the First Time Homebuyer
tax credit before it expires.

The agency says more than 39,000 people already have collected nearly $270,000 in credits.

The credits provide qualifying taxpayers with up to $8,000 to buy a new home as long as the sale is under contract before
May 1.

For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 tax return, due April
15, or their 2010 tax return due next year.

First-time homebuyers who purchased a home last year can claim the credit on either their 2008 or 2009 tax returns.

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