Profile picture for scarybrat

8k tax credit. Does anyone know whether it will count for 08 or 09?

I'm thinking it will count for 08 due to what I found on IRS.GOV

http://www.irs.gov/newsro ... portlet=6

"There are a few limited areas in the legislation that could impact 2008 tax returns. For example, for some small businesses, changes in the net operating loss provisions could affect 2008 tax returns. More details on this and other changes — such as the first-time homebuyer’s credit — will be available soon"

Has anyone else heard anything?

  • February 15 2009 - Wilmington
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Answers (4)

I will only be credited for the year that you close on your house.
  • May 14 2009
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Profile picture for natewolf
There's a great article on WashingtoPost: READ IT.
The $8000 Rebate only applies to purchases actually closed... read again... CLOSED... from January 1, 2009 through December 1, 2009. From what I read, this actually means November 30, 2009. 

So to answer your question, NO, it does not apply to 2008 purchases. However some 2008 purchases qualify for a $7500 Credit. This is actually an interest free loan which must be repaid.

The $8000 Rebate is essentially a "Gift/Grant" which does not need to be repaid if you keep the property for 3-years and a few other restrictions. They make some exceptions to the 3-year rule too. But basically, even if you don't pay taxes because you are low income, YOU WOULD STILL POTENTIALLY QUALIFY FOR THE $8000.

NOTE: There are also ZERO PERCENT INTEREST DOWN PAYMENT MONEY available for homebuyers from the North Carolina Housing Finance Agency.  So you could potentially get 100-pecent Financing on and FHA Loan. AND get $8000 back! 
  • February 26 2009
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It can count for 2008, your tax advisor is the best person to help you with this. But it is an outstanding credit.
  • February 18 2009
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This newest $8k tax credit is good for qualified purchases after Jan 1, 2009 and before December 1, 2009.

Qualified purchases made between April 9, 2008 and January 1, 2009 still use the previous $7500 credit (which is actually an interest free loan)
  • February 18 2009
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