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Home/Residence-Related Tax Changes

Discharge of Qualified Principal Residence Indebtedness
The Emergency Economic Stabilization Act of 2008 extended the exclusion from gross income for the discharge of qualified principal residence indebtedness by an additional 3 years.

First-Time Homebuyer Credit
If you are a first-time homebuyer you may be able to claim a one-time tax credit.

Sale of Main Home
Gain from the sale or exchange of the main home is no longer excludable from income if allocable to periods of nonqualified use.



Page Last Reviewed or Updated: November 26, 2009