Comments on: The Proposed $15,000 Tax Credit For Home Buyers in 2009 http://www.moneycrashers.com/the-proposed-15000-tax-credit-for-home-buyers-in-2009/ Personal Finance Blog, Your Guide to Financial Fitness Thu, 09 Feb 2012 21:28:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: authorhttp://www.moneycrashers.com/the-proposed-15000-tax-credit-for-home-buyers-in-2009/#comment-6452 author Fri, 13 Feb 2009 20:58:08 +0000 http://www.moneycrashers.com/?p=742#comment-6452 Hey Darryle, the final amendment kept the tax credit only for first time home buyers, increased it to $8,000 and made it a TRUE tax credit, rather than a zero interest loan from the government. It is my understand that you can claim the credit on this years taxes BEFORE you actually close on the house. As long as you know that you'll buy this year, go ahead and claim the credit. If the IRS audits you, then you'll be able to show proof of purchase once you close on the house, and if something happens, then just keep the money aside and pay it back if you never end up buying the house. I am sure some dishonest people will try to do this without the intent of buying a home, but I am also sure that the IRS will closely monitor the people that claim the credit. Speak with a CPA that you trust about this, because they always stay up-to-the-minute on the fine details of these new credits passed into law. Hey Darryle, the final amendment kept the tax credit only for first time home buyers, increased it to $8,000 and made it a TRUE tax credit, rather than a zero interest loan from the government.

It is my understand that you can claim the credit on this years taxes BEFORE you actually close on the house. As long as you know that you’ll buy this year, go ahead and claim the credit. If the IRS audits you, then you’ll be able to show proof of purchase once you close on the house, and if something happens, then just keep the money aside and pay it back if you never end up buying the house. I am sure some dishonest people will try to do this without the intent of buying a home, but I am also sure that the IRS will closely monitor the people that claim the credit.

Speak with a CPA that you trust about this, because they always stay up-to-the-minute on the fine details of these new credits passed into law.

]]> By: Darrylehttp://www.moneycrashers.com/the-proposed-15000-tax-credit-for-home-buyers-in-2009/#comment-6448 Darryle Fri, 13 Feb 2009 18:28:29 +0000 http://www.moneycrashers.com/?p=742#comment-6448 I'm actually looking right now and want to take full advantage of the credit this year, but unless you ask for an extension on your taxes, you may not close on the house before April 15th or whatever the deadline is for filing taxes this year. It's a very short window to make this year's return. I’m actually looking right now and want to take full advantage of the credit this year, but unless you ask for an extension on your taxes, you may not close on the house before April 15th or whatever the deadline is for filing taxes this year. It’s a very short window to make this year’s return.

]]> By: ekrabshttp://www.moneycrashers.com/the-proposed-15000-tax-credit-for-home-buyers-in-2009/#comment-6446 ekrabs Fri, 13 Feb 2009 14:08:14 +0000 http://www.moneycrashers.com/?p=742#comment-6446 Wow, that's amazing. I'm not at a point in my life where I need to buy a house yet.... But this at least makes me pause to rethink it! Wow, that’s amazing.

I’m not at a point in my life where I need to buy a house yet….

But this at least makes me pause to rethink it!

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