I posted some information yesterday that's blowing the socks off of the people who get it, but maybe I wasn't clear enough in my initial post to help enough people 'GET IT.'
I'll try to be more direct:
If you or your client qualify for the New $8K Home Buyer Tax Credit, you/they can claim it on their 2008 (last year's) tax return and GET THE MONEY NOW, BEFORE BUYING A HOUSE. This means, that money can be used toward down-payment and/or closing costs.
Did everyone get that? GET THE MONEY BEFORE BUYING A HOUSE!
Now, there are some caveats to this deal, so make sure you read all the details and check with your CPA to get clarification on the advantages and disadvantages to this approach. I'm not a Tax Pro, so make sure you cover yourself by checking with your Tax Pro on this BEFORE taking any action!
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New Media Marketer, Listing Specialist, and lead member of the Hukill Group, a residential Real Estate Team based in Edmond, OK specializing in existing and new homes in Metro OKC, Edmond, and beyond.
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This sounds amazing! Almost too good to be true. I'll have to check it out.
Thanks for the heads up!!!
money prior to taking action, sounds good to me!!! Great tip thanks!
www.budurl.com/house2riches
really? what information are you referencing to make the statement? gotta link?
Thanks for the comments. I hope you can use this to help some deserving buyers who might've otherwise had trouble making the numbers work.
Krista, as mentioned in the post, this info came directly from my CPA, after getting clarification from the IRS. The plan is so new that very little info is available to the public at this point, either in print or online, so I can't direct you to any links at this time. Check with your own CPA for clarification, if needed.
According to the video embedded here: http://www.federalhousingtaxcredit.com/2009/resources.html
the tax credit can't be applied for until you actually close on the home. The specific question is raised, "Is there a way to get the refund in advance adn use the cash on a downpayment on the purchase of my home," and the interviewee says that no, it cannot.
However, the website has this disclaimer: "NAHB is providing the information on this web site for general guidance only. The information on this site does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind nor should it be construed as such. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers."
So, as with most tax laws, clear as mud. Why can't the IRS put something on their site about this, and provide some guidance? Why should I have to pay a tax professional for a Y/N answer that should be so easy and simple for the gov't to freely provide?
Direct link to video: http://www.youtube.com/watch?v=suiAfys53aU
The most important part of your post was the advice to check with a tax pro. Excellent!!! WE both know there are too many agents giving tax and legal advice. Karen