You’ve heard about the $8,000 First Time Homebuyer’s Tax Credit. And you’ve thought it might come in handy … someday.
But you’re not sure it’ll help you now, today. With the projects that require an urgent infusion of cash.
The house you’re planning to purchase is in fundamentally good shape, but the landscaping needs attention and you want to install window treatments, too.
Now you can. A little loophole in the $8,000 First Time Homebuyer’s Tax Credit allows you to purchase the house between January 1, 2009 and December 1, 2009 and then immediately file an amendment to your 2008 tax return, in order to take immediate advantage of the tax credit.
“Hold on,” you say. “How can I purchase the house in 2009 and take the tax credit on my 2008 return?”
In a word, “loophole”.
The federal government is doing everything it can to get the stimulus package into circulation. The intent of the bill is to infuse the economy with cash. The feds want you to spend money on landscaping; they want you to install those new window treatments.
Keep in mind, first time homebuyers are defined as those who haven’t owned a home in the last three years. Home purchases must be made between January 1 and December 31, 2009 in order to qualify for the $8,000 tax credit.
So go ahead. Work with your trusted real estate advisor. Select a solid home with a good foundation. Hire a qualified home inspector to make sure it’s a sound investment. Move forward with the purchase, enjoying one of the lowest mortgage interest rates in history. And then enjoy the $8,000 tax credit.
Source by Kathie Shandro