First-Time Homebuyers Can Apply $8,000 Tax Credit to Amended 2008 Tax Return
CONTACT US (505) 247-3935contact@AbqHigh.com
A little-know fact about the 2009 Federal First-Time Homebuyer Tax Credit of up to $8,000: qualified homebuyers making a purchase in 2009 can claim the credit on their 2008 tax return.
While most folks have already filed their 2008 return, qualified first-time homebuyers can file an amended 2008 tax return and potentially get an $8,000 refund. 2009 purchasers also have the option to claim the credit on their 2009 tax return.
As part of the American Recovery and Reinvestment Act, this is a credit against the buyer’s tax liability, far more valuable than a deduction and does not need to be repaid, if the home is owned for 3 years or more.
A first-time homebuyer is defined as anyone who has not owned a home for 3 years.
The $8,000 tax credit applies to purchases from January 1 – December 1, 2009.
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CONTACT US (505) 247-3935 contact@AbqHigh.com
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