First-Time homebuyers credit - Chicagoland Sportbikes
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post #1 of 3 (permalink) Old 03-07-2009, 04:34 PM Thread Starter
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First-Time homebuyers credit

Just got this latest tax update from my fiance, who is an accountant. Hope it helps out.

The First-Time Homebuyer Credit has been increased from $7,500 to $8,000. If you qualify, the $8,000 does not need to be repaid. If you purchase a home between now and December 1, 2009, you can claim this credit. This isn't such great news for people who purchased in 2008. People that purchased in 2008, can claim the $7,500 credit; however, this credit must be repaid. The $8,000 credit is available to those who purchase a home from January 1, 2009 through December 31, 2009. If you purchase a home in 2009, you can claim this credit on your 2008 return. if you have already filed your 2008 return, you can file an Amended return (Form 1040X) and get the credit sooner then you would if you waited until filing your 2009 return. You are getting paid $8K to purchase a home. The only way you would have to repay this credit is if you sell your home within three years of purchasing it. Therefore, if you are serious about buying a house, do it between now and December 1, 2009. This is aimed at increasing home purchases and reviving the credit market. If you know anyone who is thinking of purhasing, let them know about this credit. $8,000 is a good chunk of money, especially if it is tax free.
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post #2 of 3 (permalink) Old 03-08-2009, 04:29 PM
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post #3 of 3 (permalink) Old 03-08-2009, 05:06 PM
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I'm thinking of buying this year. The more info I can get about this, the better.

I'm so glad I didn't buy an "ok" home in my 20's...waiting has served me well-- hopefully!!
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