Clarification Points about the Tax Credit
Posted on | March 3, 2009 | No Comments
I received a number of calls this morning about the tax first tiem home buyer tax credit. And though this is not an extensive or exhusted post in regard to the tax credit here are a few of the most misunderstood highlights.
- If you have not owned or been on the deed of another home in the last 3 years, you are considered a first time home owner
- The time frame for purchasing a home is January 1, 2009 through December 1, 2009
- The tax credit is 10% of the purchase price of your home up to an $8,000 limit. So buying a house of $80,000 or more will get you the $8,000 tax credit, under that it’s 10%.
- You must purchase the home before you get the tax credit. You cannot get the tax credit and use that money to put down on a house
- The tax credit covers just about anything that can be considered a home (anything with sleeping quarters and a bathroom) from manufactured homes, trailers, house boats and even yachts!
- If you meet the above and qualify for a home and purchase it you get the tax credit and you DO NOT have to pay it back.
- You can amend you 2008 tax return and send it in and the IRS will get you your tax credit back to you before the 2009 year is over.
Here is the best website I have seen explaining the tax credit http://www.federalhousingtaxcredit.com/2009/home2.html
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