Jane S asked:
Under the new stimulus first time home buyers get something like $7500 tax credit. If I bought a home in 2009, could I see the benefits in my tax refund when I file this month? Or will I have to wait until I file in 2010?
Francis
Under the new stimulus first time home buyers get something like $7500 tax credit. If I bought a home in 2009, could I see the benefits in my tax refund when I file this month? Or will I have to wait until I file in 2010?
Francis
Cheryl
Next time around.
And make sure you meet all qualifications. There is a $7500 refundable credit, really a non-interest bearing loan in effect right now. And it comes through filing your return.
Comment by chatsplas — October 28, 2009 @ 10:38 am
Vivian
If you buy a home in 2009, the tax credit would be included/calculated into your 2009 tax return which will be filed in 2010.
Comment by Badger Boise — October 29, 2009 @ 1:34 am
Juanita
You can claim the $7,500 credit that has to be repaid now, as long as you close the purchase before you file your tax return. Or you can probably claim the $8,000 credit that does NOT have to be repaid NEXT year when you file. It is not known at present if you will be able to claim the $7,500 one now and ‘convert’ to the $8,000 one next year.
Comment by Dances with Aardvarks — October 29, 2009 @ 7:06 pm
Ella
If you bought your home in 2009, then you have the option to take the credit on your 2008 tax return or 2009 tax return. The new stimulus package increases the credit to $8000 for home bought in 2009, so I would wait til the President signs the new bill into law and file your tax return to get the new $8000 credit, which does not have to be repaid.
Comment by yourtabo — October 30, 2009 @ 7:24 pm
Sally
I think that you will have to wait till 2010 b/c the bill just went to effect today and you brought the house in 09 instead of 08.
Comment by Concern Parent — November 2, 2009 @ 8:11 pm