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I bought a home at the end of 08. I qualify for the current 7500 credit. Should file taxes later?

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I read somewhere that the new credit - 15,000 will be nonrefundable, in other words, I can only get it if I owe the gov't taxes. Is that true? What should I do? File now and have to repay the 7500, or wait and maybe not get anything (b/c I don't owe taxes)?

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February 10 - Salt Lake City

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SlickPoetry
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SlickPoetry

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If you bought your house in 2008, you won't be eligible for the $15,000 credit (as the still-proposed-but-not-ratified bill now reads)

You and I are stuck with the $7500 credit (I closed on my house January 16, 2009)

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February 10

Earl Boyer, "Earl Boyer"
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Earl Boyer, "Earl Boyer"

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Tax advice should always come from a professional. The recent 2009 tax credit is up to $8,000.00 and may not have to be repaid. It should be available to first time purchasers in all of 2009. There are restrictions
The $7,500 credit is available for some buyers who purchased in 08. It does have to be repaid. Call an accountant or at least find out for yourself on the irs.gov website.

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February 28

Pasadenan
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Apparently you can apply the credit even if you don't have that much tax liablity. If you need the cash, why wait to file? The 2008 tax rules will not be changing based on a 2009 stimulus package (regardless if it passes).

Read line 69 of your IRS-1040 form, and form 5405. You can access these on the irs.gov website.

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February 10

Eric Smith, "ohiosmitty"
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Eric Smith, "ohiosmitty"

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FYI, this "new 15k housing credit" is not signed into law yet, currently unfinalized proposals.

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February 10

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I bought a home at the end of 08. I qualify for the current 7500 credit. Should file taxes later?

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