Julie Johnson » Tips

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

Julie — Wed, 25 Feb 2009 05:22:33 +0000

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.

Stimulus package offers real $8,000 tax credit

Julie — Tue, 17 Feb 2009 15:33:34 +0000

The new stimulus package, set to be signed in Denver today by President Barack Obama, will contain some help for first time home buyers. The previous tax credit, which had to be repaid over 5 years, has been replaced by a real $8,000 tax credit that does not have to be repaid.

Homeowners who purchase homes between January 1, 2009 and December 1, 2009 will qualify as long as they haven’t owned a home in the last three years. Additionally, to keep out speculators, you will be required to live in your home, as your primary residence, for three years or the tax credit will have to be repaid.

Individuals who make less than $75,000 or couples making less than $150,000 will qualify for the full $8,000 tax credit amount. Those with higher incomes may still qualify for a partial credit.

Source: CNN.com

A Greener Texas

Julie — Tue, 10 Feb 2009 02:26:57 +0000

Environmental groups support the proposed legislation for a new clean air bill, now in the Texas State Senate, that would require new Texas homes to be built with at least 15 percent more efficiency in energy use. Additionally, new appliances will have to use significantly less electricity than is now required. All of this is good news for Texas! The bill, by Senate Natural Resources Committee Chairman Kip Averitt, also proposes a grant program to encourage the “best and brightest” technology for air quality, Averitt said “We’re going to put some of the state’s smartest people together at the same table and allow them to incentivize new technologies so the state can help get those technologies to the market faster,”

Source: Dallasnews.com