A new law recently gives first time home buyers a tax credit up to $8000. According to the new economic stimulus plan, you have between Jan. 1st and Nov. 30th, 2009 to by your first home, or for the last 3 years have no ownership interest in a home .
A down payment is still required; however, if you borrow that money from a relative you will be able to pay it back with when you file your tax return and claim the $8000 as a tax credit. Home buyers this year can receive $8000 without any obligation to repay the money as long as they live in the home 3 years.
And if you buy a home soon, you can receive your $8000 quickly by claiming it on your 2008 tax return. Even if you already filed your return, you can still claim this credit for 2008 by filing an amended return with form 1040X. If you plan to buy a home later this year, you have 2 choices: request an extension for your 2008 taxes and claim it when you file by Oct. 15th or claim it when you file your 2009 return.
Contact us for further information on first time home buyer programs.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment