Julie Johnson

Better Homes & Gardens Real Estate | David Winans & Associates

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New Home Buyers Claim Tax Credit on 2008 Taxes for 2009 Purchase!

February 24th, 2009 · 3 Comments · Real Estate, Taxes, Tips

The new stimulus package will allow new home buyers, defined as those who have not owned a home in the last three years, to take the maximum $8,000 tax credit off their 2008 taxes even though the purchased will take place in 2009. The tax credit is 10% of the purchase price with a maximum of $8,000 and is available to individuals making less than $75,000 per year or couples making less than $150,000 per year.

The great news is, if you purchase your home before the April 15th tax deadline, you can claim the credit directly on your return. If you are planning to buy a home in 2009 and you want to take advantage of the tax credit, you can file for an extension to file taxes later. You can also go ahead and file by the April 15th deadline and file an amended return later in the year. See your tax professional to file an extension or to file an amended return.

Tags: first time home buyers·Tax credit

3 Comments so far ↓

  • Norris Gressem

    How much will the tax credit be for workers making over 75,000 and who are single. I purchased a home in Jan 09, but earn plus 75,000.

  • Julie

    Over $75k, it is a sliding scale. From what I understand, over $90K gets nothing. I would suggest talking with your CPA about what exactly you will get.

  • Andy

    This was great news for so many home buyers this year. $8K of cash is very useful for post-home buying purchases.

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