Don’t you get it?? asked: Can you apply for the first time home buyer tax credit before you buy a home and use it as your down payment as long as you close before 7/1/009?
At the bottom of this website you’ll see what I’m talking about..
http://www.federalhousingtaxcredit.com/faq.php#3
If you go the website you will see that the 7500 can be given in this year or the next, and it’s income base so if you are going to get paid more this year 09 then you can claim it on your 08 return.
This is what it says…
If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
Yes. The law allows taxpayers to choose (“elect”) to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.
Eileen
