Monday, March 30, 2009

Homebuyer Credit

Recently, I posted about my renewed desire to purchase a home. Someone commented about what $8,000 credit I was referencing, so I did a bit more research.

There are currently two tax different, but mutually exclusive, new homebuyer credits.

1) If you purchased between April 8, 2008 - December 31, 2008, you are eligible for a 10% tax credit on the value of your purchased home, up to $7,500. This credit is essentially an interest-free loan for 15 years. More information can be found here: IRS link

2) If you purchase(d) anytime before December 1, 2009, qualify for a $8,000 credit that does not have to be paid back. Additionally, if the purchase is after April 15 (filing date for taxes), you can file an amended tax return. More information can be found here: IRS link

I had actually been wondering about what would happen if I purchased after taxes were due, since I could definitely use that $8K after I buy the house.

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