Profile picture for Hsuehying

How does this $8000 credit work for the first time home buyer?

  • March 29 2009 - San Mateo
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (1)

its a true dollar for dollar tax credit. it does not have to be repaid, its a true credit.

the credit amount is 10% of your purchase price, not to exceed $8,000. So, to get the full 8k, you need to purchase a house for at least $80,000.

you have to purchase by Nov 30th, 2009

also, if you purchase earlier in the year, like now, you can get the credit back in your 2008 tax refund. If you already filed your taxes, they allowing you to amend your 2008 taxes to get the credit now.

whatever you do with your money is up to you...just like any tax refund.

click here for sources and full information. explore the website...it answers most questions. good luck with your home purchase
  • March 29 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.