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The credit is now 10% of the cost of the home up to a
maximum of $8,000.
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The 2008 credit does not have to be paid back and is
available through your 2008 tax filing on homes
purchased before December 1, 2009.
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If you purchase your home before December 1, 2009, but
have already filed your 2008 tax return, you can amend
your 2008 tax return to get the credit.
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Remember, if you owe back taxes the IRS will keep your
credit and apply it to those back taxes.
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Under the new rules, a first time homebuyer is someone
who hasn’t owned another principle residence in the
United States within the past 3 years.
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If you qualify as a first time homebuyer and are about
to marry, someone who does not qualify as a first time
homebuyer purchases your marital home before the
wedding, you will get the full credit even if you
purchase the home in both names. Waiting until after the
wedding will result in you losing the credit.
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Beware: Treasury inspectors are looking at the past
three years of tax returns for those who claim the first
time home buyer credit. They are checking to see if
people claiming the credit had mortgage interest,
property tax deductions, points, and other homeowner
deductions in the last three years. (Remember you must
not have owned a primary residence in the last three
years to qualify.)
Joe
Learn more about
Joe DePetris, Jr., and IBO tax return preparation
and tax issues at
IBO Bookkeeping 101.
Find more
Tax Tips for IBOs from Joe DePetris, Jr., CPA.
This article is provided as an
educational resource for your guidance, and is
strictly informational. It does not constitute
legal, accounting, or other professional
counsel. Nothing included herein implies a
recommendation by the author, the
IBOA International, or
Amway Global, of any course or method of
regulatory compliance. Readers and users who
intend to take, or refrain from taking, any
action based on information contained herein
should first consult with their qualified tax
advisor, preferably a C.P.A., or appropriate
regulatory authorities.
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