http://www.zillow.com/advice-thread/The-8000-first-time-buyer-tax-credit-is-that-claimed-as-income-at-the-end-of-the-year/237828/ Zillow Advice | Zillow Real Estate http://www.zillow.com/advice-thread/The-8000-first-time-buyer-tax-credit-is-that-claimed-as-income-at-the-end-of-the-year/237828/ Hello Ellen,<br/><br/>Here's a link to some short video that may answer your questions about the $8,000 Federal Housing Tax Credit.<br/><br/><a href="http://www.straightforwardvideo.com/" rel="nofollow">www.StraightForwardVideo.com</a> Wed, 26 Aug 2009 15:07:00 GMT http://www.zillow.com/advice-thread/The-8000-first-time-buyer-tax-credit-is-that-claimed-as-income-at-the-end-of-the-year/237828/ 2009-08-26T15:07:00Z http://www.zillow.com/advice-thread/The-8000-first-time-buyer-tax-credit-is-that-claimed-as-income-at-the-end-of-the-year/237828/ 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. Mon, 17 Aug 2009 16:26:00 GMT http://www.zillow.com/advice-thread/The-8000-first-time-buyer-tax-credit-is-that-claimed-as-income-at-the-end-of-the-year/237828/ 2009-08-17T16:26:00Z http://www.zillow.com/advice-thread/The-8000-first-time-buyer-tax-credit-is-that-claimed-as-income-at-the-end-of-the-year/237828/ 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. Sat, 01 Aug 2009 11:23:00 GMT http://www.zillow.com/advice-thread/The-8000-first-time-buyer-tax-credit-is-that-claimed-as-income-at-the-end-of-the-year/237828/ 2009-08-01T11:23:00Z http://www.zillow.com/advice-thread/The-8000-first-time-buyer-tax-credit-is-that-claimed-as-income-at-the-end-of-the-year/237828/ Free money. Only available until November 30th. You can file for it at any time. A recent client got her check within 3 weeks! Wed, 08 Jul 2009 05:28:00 GMT http://www.zillow.com/advice-thread/The-8000-first-time-buyer-tax-credit-is-that-claimed-as-income-at-the-end-of-the-year/237828/ 2009-07-08T05:28:00Z http://www.zillow.com/advice-thread/The-8000-first-time-buyer-tax-credit-is-that-claimed-as-income-at-the-end-of-the-year/237828/ It is not income, it is not taxable, it does not have to be repaid (like the 7500 prior to Jan 1.<br/>&nbsp;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. Wed, 08 Jul 2009 03:31:00 GMT http://www.zillow.com/advice-thread/The-8000-first-time-buyer-tax-credit-is-that-claimed-as-income-at-the-end-of-the-year/237828/ 2009-07-08T03:31:00Z http://www.zillow.com/advice-thread/The-8000-first-time-buyer-tax-credit-is-that-claimed-as-income-at-the-end-of-the-year/237828/ That is a great question, I would say that it probably isn't as it is a credit and not a <a href="http://www.zillow.com/mortgage/">loan</a> or gift, but I would check wth your tax preparer (I can refer you to some really good ones if you need a referral).&nbsp; <br/><br/>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.<br/><br/>You can now use the credit at the time of closing for your downpayment.&nbsp; Check with your <a href="http://www.zillow.com/directory/real-estate-agents/">Realtor</a> for details. Wed, 08 Jul 2009 02:36:00 GMT http://www.zillow.com/advice-thread/The-8000-first-time-buyer-tax-credit-is-that-claimed-as-income-at-the-end-of-the-year/237828/ 2009-07-08T02:36:00Z http://www.zillow.com/advice-thread/The-8000-first-time-buyer-tax-credit-is-that-claimed-as-income-at-the-end-of-the-year/237828/ <a rel="nofollow" href="http://money.cnn.com/2009/05/18/real_estate/tax_credit_as_downpayment/index.htm?postversion=2009051912">$8000 tax credit as down payment</a><br/><br/><br/>Coming soon.... Fri, 22 May 2009 15:09:00 GMT http://www.zillow.com/advice-thread/The-8000-first-time-buyer-tax-credit-is-that-claimed-as-income-at-the-end-of-the-year/237828/ 2009-05-22T15:09:00Z http://www.zillow.com/advice-thread/The-8000-first-time-buyer-tax-credit-is-that-claimed-as-income-at-the-end-of-the-year/237828/ The 8k tax credit is just that, it's a credit on your taxes and not income.<br/><br/>Consider it a gift from your Uncle Sam (or your Aunt Estelle since she handles the checkbook.)<br/><br/><a href="http://www.irs.gov/newsroom/article/0,,id=206291,00.html" rel="nofollow" title=" (Full address: http://www.irs.gov/newsroom/article/0,,id=206291,00.html)">http://www.irs.gov/newsro ... 1,00.html</a> Fri, 22 May 2009 14:39:00 GMT http://www.zillow.com/advice-thread/The-8000-first-time-buyer-tax-credit-is-that-claimed-as-income-at-the-end-of-the-year/237828/ 2009-05-22T14:39:00Z