Virtual Managed Solutions Posted June 23, 2009 Report Share Posted June 23, 2009 This year, an $8,000 tax credit is eligible for first time home buyer's. My question is, is this credit available every year, or is just for this year only? Or, do they offer something different every year? Any information on this would be appreciated. Thanks everyone! Quote Link to comment Share on other sites More sharing options...
JRS Posted June 23, 2009 Report Share Posted June 23, 2009 "A tax credit of up to $8,000 is available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009." As of NOW, the credit is only for 2009 and escrow has to close before 12/01/2009. Who knows what they will offer next year. Quote Link to comment Share on other sites More sharing options...
mcb39 Posted June 23, 2009 Report Share Posted June 23, 2009 JRS is correct...for 2008 it was a $7500 no-interest "loan" that has to be paid back over 15 years. This year it is the $8000 credit, BUT there is a lot of criteria to follow as to eligibility. In regard to anything, I always tell my clients, "That is the law this year. Who knows what it will be next year!" Quote Link to comment Share on other sites More sharing options...
Virtual Managed Solutions Posted June 23, 2009 Author Report Share Posted June 23, 2009 JRS & mcb39, thank you for the responses. Do either of you, or anyone else, have a link to all these eligibilities that one must meet to get the tax credit? Quote Link to comment Share on other sites More sharing options...
JRS Posted June 23, 2009 Report Share Posted June 23, 2009 Here is a site with "frequently asked questions." You can also go the the IRS website for more info. http://www.federalhousingtaxcredit.com/2009/faq.php Quote Link to comment Share on other sites More sharing options...
Lion EA Posted June 23, 2009 Report Share Posted June 23, 2009 Here's a good starting point on the IRS site: http://www.irs.gov/newsroom/article/0,,id=....html?portlet=7 Quote Link to comment Share on other sites More sharing options...
mcb39 Posted June 24, 2009 Report Share Posted June 24, 2009 I also went to the IRS web site and printed everything relative to the Recovery and Reinvestment act. Also have a "Special Report" from CCH; but don't remember where I got it. All of these pages have been referred to over and over as clients as well as other preparers, call with questions. So many people are also asking about the credits for Energy Efficient Improvements to Existing Homes. All of those who purchased new furnaces last year with the idea that they would get a credit as well as the new furnace they needed, are kicking themselves. Just more proof that one never knows what the Government will do from one year to the next. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.