If you asked me a few days ago if you could still get the $8,000 first time home buyer tax credit right now I would have said yes, as long as you buy your home before December 1, 2009 and are a first time home buyer you can still get the credit off your taxes next year. But thanks to some questions around the office and a talk with my fabulous new accountant I have learned more.
As long as you have close of escrow before July 1, 2009 you can still get the $8,000 this year. How? All you need to do is file an amended return. If you have paid your taxes for 2008 already or already received your return then the IRS would issue you an $8,000 check. If you still owned money on your taxes for 2008 the $8,000 would be credited towards that and you would receive a check for the difference, assuming there is one.
So how do you know if you qualify for the $8,000?
- Must not have owned a home in the last three years
- Must purchase your home before December 1, 2009
- Must have closing before July 1, 2009 to amend 2008 taxes
- House purchased must be at least $80,000, if its below that you get a credit for 10% of purchase price
- Income must be below $75,000 for a single or $150,000 for a couple
- Must live in the home for 3 years or credit will need to be repaid
Thanks to my accountant Kristina Morgan for helping me with this research. She can be reached at 480.694.3548.
