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Are there limitations on the price of homes that qualify for the tax credit?

The tax credits are not available for homes priced above $800,000. Also, the tax credit will never exceed 10% of the purchase price of the home, so the value of the tax credit is reduced for homes priced under $80,000 for first-time buyers and $65,000 for current home owners.

In addition, real estate transactions involving family members, a spouse, or a spouse's family, are not eligible for the tax credit. Persons under 18 who are claimed as a dependent by another taxpayer are also ineligible.

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