THE FIRST TIME HOMEBUYER TAX CREDIT PUZZLE
March 19th, 2009 categories: Buying, Real Estate Finance
This first time home buyer tax credit is not as simple as it sounds–it is a much more convoluted complicated animal than the press would have you believe. Don’t count on that $8,000 tax credit–it isn’t automatic. You might even have to get professional advice to help you figure out how much of the tax credit you qualify for. Unfortunately Congress put in so much tricky fine print that many of us can’t decipher it and we need somebody to help us figure it out. This complicated wording may make it impossible for many people to reap the benefits that Congress intended.
Things to be aware of:
- Earnings limit–how much you can earn and still qualify for any of the tax credit.
- Purchase date–the amount of the tax credit can vary according to the date of your home purchase.
- If you move out too soon, you might have to pay the tax credit back.
- 2008 purchases–you may qualify for some of the credit.
The Wall Street Journal recently had a comprehensive article about this tax credit. To read the entire article click here.
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This entry was posted on Thursday, March 19th, 2009 at 2:19 pm and is filed under Buying, Real Estate Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
