Zillow Advice: Home Buying - 8k tax credit. Does anyone know whether it will count for 08 or 09?

I will only be credited for ...

Thu, 14 May 2009 12:55:00 GMT

I will only be credited for the year that you close on your house.

There's a great article on ...

Fri, 27 Feb 2009 07:17:00 GMT

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!

It can count for 2008, your ...

Thu, 19 Feb 2009 01:09:00 GMT

It can count for 2008, your tax advisor is the best person to help you with this. But it is an outstanding credit.

This newest $8k tax credit ...

Wed, 18 Feb 2009 23:16:00 GMT

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)