RSS
Home
Questions about the $8,000 tax credit
Print
Email
RSS
Subscribe
Q: Do I still qualify for the tax credit if I bought my home in 2008?
If your home was purchased between April 8, 2008 and January 1, 2009 you may still qualify for a tax credit. However, the tax credit that applies differs in a couple of ways. First, like the credit under the American Recovery and Reinvestment Act of 2009 (ARRA) it is 10% of the purchase price. But, the maximum credit available is $7,500. In addition, for 2008 home buyers it is more of a loan rather than a straight credit. If you take advantage of the tax credit for 2008 purchases you will be required to pay back the credit beginning with tax returns filled in 2010. The credit is paid back in 15 installments.
Q: Is it too late if I have already filed my 2008 tax return?
No, it is not too late for you to take advantage of the credit. Actually, to state it more correctly the interest free loan. If you have already filed your tax returns and amended tax return can be filed. Please check with your CPA or tax professional to make these adjustments.
Q: Why is it a "loan" for 2008 and a credit for 2009?
The tax credit for qualified home purchases in 2008 was part of legislation passed by President George Bush. The credit for 2009 was part of President Barac Obama's American Recovery and Reinvestment Act.
You may also want to read $8,000 credit for first-time home buyer window is closing. This article contains more information about the credit for 2009 home buyers.
For more information you on the American Recovery and Reinvestment Act click here. For more information about the tax credit for home purchases in 2008 click here.
I enjoy answering your questions, please feel free email me at anytime with your financial questions.
Related Articles:
Add a Comment
- To list your event, email Kim (Must have weblink to be posted)
