How First Time Home Buyers Get The $8000 Tax Credit
March 2, 2009
Post Tags: first time home buyer tax credit , How Home Buyers Get The $8000 Tax Credit
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
There are still a lot of people with questions about the $8000 first time Home Buyer Tax Credit which is a part of the stimulus package.
Who is a first time Home Buyer
Anyone who has never purchased a home or has not been part owner of a home in the past 3 years is considered a “First Time Home Buyer”.
What is the window for purchasing a home
The window for the purchase of a home is January 1, 2009 – November 30, 2009
This tax credit is like a refund
The tax credit is up to $8,000. You don’t have to have a large income to use this credit. It is the type of credit that works like a refund. The home you purchase has to be over $80,000 to receive the entire amount. If you owe the government taxes that weren’t taken out of your paycheck those taxes will have to be paid or deducted from the $8,000 credit.
When can I get the Tax Credit
You can get the tax credit for your 2008 or 2009 tax return.
If you already filed Your 2008 return can you still get the tax credit this year. You can file an ammended return using Form 1040X. If you purchased a home before April 15, 2009 and you haven’t filed your taxes you can apply for the credit on this years tax return and file your taxes as usual.
If you plan to buy a home later this year and you haven’t filed yet you can file an extension as long as your taxes for 2008 are filed by Oct. 15.
(I am not a tax consultant and don’t play one on TV either. This post is for general information purposes only.)
