$8000 Federal Income Tax Credit: First Time Home Buyers can get an $8000 tax credit for buying a house this year.

$8000 Federal Income Tax Credit: First Time Home Buyers can get an $8000 tax credit for buying a house this year. Congress has recently enacted legislation that allows first time home buyers to receive a credit of up to $8000 on their income taxes. Unlike "credits" of the past, this will not need to be repaid. It is a dollar for dollar credit. This means that if you buy a home in 2009 and at the end of the year you owe $1000 in taxes, you will actually receive $7000 after filing for the $8000 tax credit. This new legislation definitely provides a fair deal of opportunity for prospective buyers. It also raises a lot of questions which I will address here. Who can get the $8000 tax credit? How is the amount of the credit determined? How do I file for the $8000 tax credit? Do I need to apply? What types of homes qualify for the $8000 tax credit? Can I claim the tax credit on my 2008 Federal Income Taxes or just 2009? Can the tax credit be used as a down payment? I don't have enough of a tax burden to have $8000 of tax burden credited. Can I still get the refund?

Click here to continue reading $8000 Federal Income Tax Credit: First Time Home Buyers can get an $8000 tax credit for buying a house this year.


There is a follow up to this article: NORTHWEST AUSTIN HOMES: $8000 Tax Credit- How to get a 10% rebate of your homes value.

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Posted by Brian W Martin REALTOR for The Pinnacle Group of Keller Williams specializing in helping First Time Home Buyers make great decisions to purchase Real Estate in Austin, TX