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If they earn less compared to $75,000 a year, your First Residence Tax Credit/Loan purchasers are entitled to a $7,500 tax credit. If a buyer has not owned and operated a residence in the previous 3 years, and drops in the qualified earnings range, they can take a tax obligation credit worth 10 % of the house's list price, around a maximum of $7,500. This applies to residences that have shut between April 9, 2008 and also prior to July 1, 2009, and also can be put on either the 2008 or 2009 taxes.