First-Time Home Buyer Tax Credit
How it works:
The tax credit is a special provision that reduces your income tax liability on a dollar for dollar basis. For example: If you total tax liability (amount owed) for the year is $8,000, and you qualify for the full $8,000 tax credit, this credit would bring the amount owed down to $0. If you have your taxes deducted from your pay checks and typically receive a return, the $8,000 would be applied to your return.
The credit can be split among unmarried individuals.
Qualifications:
-Must not have owned a home in the last three years
-Single taxpayers with incomes up to $75,000 and married couples up to $150,000 qualify for the full tax credit.
-You cannot purchase the home from your spouse or your direct ancestor/descendent (Child, grandchild, parent, and grandparent); however, you can still qualify if you purchase from a non-direct relative.
-Married couples: Both spouses must be first-time home buyers
Homes Purchased Between April 9, 2008 and December 31, 2008
-The credit amounts to 10% of the purchase price not to exceed $7,500
-The credit is must be repaid over a 15 year period
Homes Purchased Between January 1, 2009 and December 1, 2009
-The credit amounts to 10% of the purchase price not to exceed $8,000
- The tax credit does not need to be repaid if you live in the home as your primary residence for three years.
With the April 15th approaching, here are some things you may do in order to use the tax credit on your 2008 tax return, if you don’t want to wait until next year:
File an extension: Taxpayers who haven’t filed yet but are buying a home soon can request a six-month extension on filing their taxes.
File and amend: If you plan on purchasing a home within the next few months, you may file your 2008 return as usual, and then follow up with an amended return later this year in order to claim the homebuyer credit. You can also do this if you’ve already filed, but are entitled to the credit.
Should you have any questions or need further information,
please don’t hesitate to contact me, (775) 220-1630
Or visit my blog at www.SellingNorthernNV.com
Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521
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