First Time Homebuyer Tax Credit in the News


	First Time Homebuyer Tax Credit in the News

Spokane_Realtor

4-3-2009 12:31 PM

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tags:

spokane real estate, spokane homes

Spokane_Realtor says:

Be careful when filing your taxes, make sure you know which version of the first time home buyer tax credit you used.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/2728b913-abdc-4330-9034-9b09d2943d5b/91F410D8-AE10-485E-88B4-0B1D0DE4385A/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.spokesman.com/stories/2009/apr/03/personal-finance/" href="http://www.spokesman.com/stories/2009/apr/03/personal-finance/" style="font-size: 11px;">www.spokesman.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.spokesman.com/stories/2009/apr/03/personal-finance/"><H2>PERSONAL FINANCE</H2></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.spokesman.com/stories/2009/apr/03/personal-finance/"><P>First-time home buyers could save good money on their 2008 income taxes, maybe enough to buy furniture, but they must wade through confusing tax breaks.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.spokesman.com/stories/2009/apr/03/personal-finance/"><P>For ’08 first-time buyers, only one type of credit could apply. Yet if you buy a home this year before Dec. 1, you could use another break on the 2008 or 2009 return.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.spokesman.com/stories/2009/apr/03/personal-finance/"><P>If you bought in 2008, know that the first-time buyer credit must be repaid.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.spokesman.com/stories/2009/apr/03/personal-finance/"><P>“It’s very much like a tax-free loan,” said Mark Luscombe, principal analyst for CCH in Riverwoods, Ill.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.spokesman.com/stories/2009/apr/03/personal-finance/"><P>The credit could apply if you bought the house after April 8, 2008, and before Dec. 31, 2008. Vacation homes don’t qualify.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.spokesman.com/stories/2009/apr/03/personal-finance/"><P>A first-time home buyer is someone who has not owned a home within the last three years.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.spokesman.com/stories/2009/apr/03/personal-finance/"><P>The credit amounts to 10 percent of the purchase price, up to a credit of $7,500 for either a single taxpayer or a married couple filing a joint return. The maximum credit is $3,750 for married persons filing separate returns.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/91F410D8-AE10-485E-88B4-0B1D0DE4385A/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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