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Another guide for the perplexed

Email|Link|Comments (4) Posted by Rona Fischman April 9, 2009 03:13 PM

Many people are still confused about the home buyer tax credit. I needed tax advice to give you tax advice. Try this video. I found the explanations provided by the chief tax accountant at NAHB very well done.

I found the introduction too chirpy for my taste, but the rest was very good, IMHO. He covers the questions that a tax man can answer.

Who qualifies as a first time home buyer?
What house qualifies?
What is the credit limits?
What are the income limits?
How are the partial credits calculated?
How does a refundable tax credit work?
What is the difference between this and the 2008 plan?
What are the deadlines for this program?
Can you claim this on your 2008 return? (The answer is “yes!” Find out more here.)
What if I am building a home? Can I claim the credit when I buy the land?
Can I collect the refund before I buy? (The answer is “no.” You can’t claim the $8000 until you close. But find out how to lower your payroll tax in anticipation of the purchase.)
If I own a vacation home, can I be a first-time homebuyer? (The answer is “yes,” as long as it is not your primary residence.)

See for yourself.

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4 comments so far...

We are buying our first home shortly and have filed our taxes all ready should we wait till 09 or can we file an amended tax return to the cash asap

Posted by Mickey April 9, 09 04:34 PM

This video and the site explains that you can file an amended return after you buy. The reason I thought this was a good resource was because it was a tax expert talking about taxes. Good luck, Mickey!

Posted by Rona April 9, 09 04:54 PM

MIckey,
I'm surprised you found a house that is worth your money. Seems like everyone with a trashed house raised their prices by 8k this year.

Posted by Brad April 9, 09 06:43 PM

We bought as well. We decided that the market could decline some but where we will be staying in the house for at least 10 yrs and interest rates are low, it made sense. We found a home we wanted so we bought it instead of looking back and wishing we had. We've seen to many good deals get scooped up over the years before we acted. If you sit one the sidelines long enough, you end up staying there. We decided we wanted a home. We coudln't afford to live near Boston so we choose central MA. If I leave at 6:30, I'm parked and in my office by 7:45 at the latest and when I come home. I'm truly home.

Posted by M April 10, 09 09:20 AM