Did you know that you can claim your $7500 Tax Credit THIS YEAR even if you didn’t buy your first home until 2009? Yes, that’s right. You can file a claim to get your $7500 Tax Credit back BEFORE you file your 2009 taxes. So you don’t have to wait till next year to get the money.
Congress is considering some other important changes to the current program. Two changes are being discussed. One change would be that the tax credit would be a true credit, rather than an interest-free long term loan. Right now, the tax credit must be repaid $500 per year for the 15 years after it is claimed. Under discussion is a law which would make the tax credit a true gift, with no repayment necessary.
Another change is under discussion. Right now, the tax credit applies to first time Home Buyers purchasing a home between April 9, 2008 and July 1, 2009. Congress is considering whether to extend the time during which the program would be in effect. The new deadline would be December 31, 2009. However, this has NOT YET been enacted into law. It’s just under discussion. Read another one of our blogs for some of the rules governing the $7500 tax credit.
For more detailed information, come to our FREE NO OBLIGATION FIRST TIME HOMEBUYER class or wait for future blogs. “Simple answers to home ownership questions”.