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We were planning to build a house next year (2010), but have decided to do it this year because of the record low lumber prices and now this first-time home buyers credit. I have many questions regarding this credit as it would apply to new construction, for instance; Does the cost of the land apply to the overall purchase price? If we do some of the work ourselves can we apply that to the purchase price? Do we have to itemize and keep receipts? Where are the details for this credit, so far we've only seen general overviews.
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