The $8,000 first-time homebuyer credit that I wrote about months ago has been extended beyond its original expiration date this fall. The credit which was to expire at the end of November has been extended to the end of April, 2010.
In addition, the law has been expanded to allow homeowners who have occupied their homes for 5 consecutive years during the last 8 years to be eligible for a $6,500 tax credit. The law also increases the income limits and home purchase price limits that existed in the original law.
These changes are expected to continue to stimulate the home real estate sector of the economy.
William Deutchman, CPA
www.wddcpa.com
Showing posts with label first time homebuyer. Show all posts
Showing posts with label first time homebuyer. Show all posts
Friday, November 6, 2009
Saturday, July 11, 2009
First-Time Homebuyer Tax Credit - up to $8,000
Did you buy a home after April 8, 2008? If so, and it is your personal residence and you (and your spouse if married) did not own any other main home during the 3-year period ending on the date of the purchase of a new home, you probably qualify for a large tax credit. If you bought your home in 2009, and you qualify, you can even claim the credit on your 2008 tax return.
Even if you already filed your 2008 return, your return can be amended and you can get a refund of up to $8,000. I know it sounds too good to be true, but this is the federal government's way to stimulate the housing market that has been in a slump in recent years. The tax incentive is part of the recently enacted Housing and Economic Recovery Act of 2008.
I am a Certified Public Accountant (CPA) in Cleveland, Ohio and I can assist you by determining if you qualify and taking appropriate action if you do. Please see my contact information below and we can arrange to do what is in your best interests.
P.S. If you know of others who might be eligible for this tax credit, pass this information on to them. They will thank you for thinking of them.
216-621-1120
http://www.wddcpa.com/
wddcpa1@aol.com
Even if you already filed your 2008 return, your return can be amended and you can get a refund of up to $8,000. I know it sounds too good to be true, but this is the federal government's way to stimulate the housing market that has been in a slump in recent years. The tax incentive is part of the recently enacted Housing and Economic Recovery Act of 2008.
I am a Certified Public Accountant (CPA) in Cleveland, Ohio and I can assist you by determining if you qualify and taking appropriate action if you do. Please see my contact information below and we can arrange to do what is in your best interests.
P.S. If you know of others who might be eligible for this tax credit, pass this information on to them. They will thank you for thinking of them.
216-621-1120
http://www.wddcpa.com/
wddcpa1@aol.com
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