2009 Tax Credit for First Time Homebuyers - up to $8,000 in Savings!
Unlike the former version of the 2008 credit for first-time buyers which was capped at $7,500, this $8,000 version is non-repayable so long as the owner keeps the property for at least thre years (Congress wants to discourage flipping under this benefit). The tax credit is available for first-time homebuyers or those who have not owned in the last three years.
Unlike the former version of the 2008 credit for first-time buyers which was capped at $7,500, this $8,000 version is non-repayable so long as the owner keeps the property for at least thre years (Congress wants to discourage flipping under this benefit). The tax credit is available for first-time homebuyers or those who have not owned in the last three years.
What is most powerful is that eligible homebuyers who make their purchase between January 1, 2009 and December 1, 2009 can treat the purchase as if it had occurred in 2008. Thus, they can claim the credit on their 2008 tax return. For 2009 purchases, a credit can be reflected as an abatement on a new IRS Form-5405 that will be attached to the IRS Form-1040. IRS Form-5405 can be found at www.irs.gov. (Please contact your accountant to discuss your eligibility and filing options.)
The National Association of Realtors has prepared a QUICK REFERENCE CHART and FREQUENTLY ASKED QUESTIONS document for reference. Click on the links below for more information.
Click here to view the Quick Reference Chart.
Click here to view the Frequently Asked Questions document.
Note from Laura: This is intended to provide an overview only – for specific information or individual concerns, please contact your lawyer, accountant and/or financial advisor.
