$8000 Federal Tax Credit
[UPDATE: TAX CREDIT EXTENDED]
The recently passed stimulus package includes a 10% tax credit of the sales price (up to $8000) for first-time home buyers and those who have not owned a home within the previous 3 years. Unlike the 2008 tax credit of $7500, the 2009 version does not have to be repaid as long as the home is owned for a minimum of 3 years.
A tax credit is much better than a deduction. It’s a dollar for dollar reduction on your federal income tax. If you owe less than $8000 then you will receive a refund.
The purchase must occur between January 1, 2009 and December 1, 2009. Check with your CPA to determine eligibility.
Important: This information is deemed reliable but not guaranteed. Verify all information.
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Comments
Hi Denise, I believe you’ve been misinformed. The tax credit money is still available and the deadline is December 1, 2009. Of course, check with your CPA. Congratulations on your new home!
Extended tax credit info: http://www.boiserealestateplus.com/federal-housing-tax-credit-faq
just purchased a home. i am a new home buyer, never owned a home and was very excited to know about the $8000 federal tax credit for a newly purchased home before november 2009. escrow on my home will close in about 1-2 weeks (in august 2009). I was very saddened to hear that the federal government ran out of money ( heard from my real estate person)to give to new home buyers. Is this true?? am I no longer going to get the $8000 federal tax credit?