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The $8000 first time buyer tax credit....is that claimed as income at the end of the year?

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May 22 - Charleston

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Shannon Eney, "SFL WA"
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Shannon Eney, "SFL WA"

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Hello Ellen,

Here's a link to some short video that may answer your questions about the $8,000 Federal Housing Tax Credit.

www.StraightForwardVideo.com

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August 26

shadangi
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shadangi

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Note: There is a 75K income limit though. The 8K credit fades linearly till 95K and then becomes 0 beyond 95K. Please correct me if I am wrong.

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August 17

Michelle Melton, "Michelle Melton"
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Michelle Melton, "Michelle Melton"

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The $8K tax credit is a FREE buyer incentive...as long as you remain in the home for 3 years and are closed by November 30th. You can ammend your 2008 taxes to take advantage of the credit now or file it with your taxes in 2009.

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Nathan Wolf, "natewolf"
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Free money. Only available until November 30th. You can file for it at any time. A recent client got her check within 3 weeks!

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raymond morton, "raymorton"
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It is not income, it is not taxable, it does not have to be repaid (like the 7500 prior to Jan 1.
If you pruchase this year you can file an ammended return and get thje 8,000 check or you can file on next years return. In either event its a GIFT from the government.

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David Wertan, "Team1237"
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David Wertan, "Team1237"

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That is a great question, I would say that it probably isn't as it is a credit and not a loan or gift, but I would check wth your tax preparer (I can refer you to some really good ones if you need a referral).

I know that you have to claim any refund to the extent that you have previously written off the taxes, but I don't think this would effect it.

You can now use the credit at the time of closing for your downpayment. Check with your Realtor for details.

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Chip Streater, "TarheelChip"
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Chip Streater, "TarheelChip"

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$8000 tax credit as down payment

Coming soon....

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May 22

Michael Emery, "MikeEmery"
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Michael Emery, "MikeEmery"

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The 8k tax credit is just that, it's a credit on your taxes and not income.

Consider it a gift from your Uncle Sam (or your Aunt Estelle since she handles the checkbook.)

http://www.irs.gov/newsro ... 1,00.html

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May 22

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The $8000 first time buyer tax credit....is that claimed as income at the end of the year?

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Question The $8000 first time buyer tax credit....is that claimed as income at the end of the year?

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