New $8,000 Homebuyer Tax Credit
Courtesy of the National Association of Realtors – yes, I always knew they were good for something- we finally have the details of the new home buyer tax credit from the recently passed stimulus bill, or the “American Recovery and Reinvestment Act of 2009″ as it is now officially called. According to the NAR:
The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser’s income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
There is also a PDF file on the site with a table highlighting the differences between the old $7,500 tax credit and the new one.
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Hard working Knoxville real estate agent by day. Intrepid Knoxville real estate blogger by night. 
16 responses to "New $8,000 Homebuyer Tax Credit"
Argh. Missed the repayment waiver by 3 months.
Does this mean that people who bought last year have to repay it?
Thanks!
Diane Phillips
@Diane: Yes, you will have to repay the $7,500 tax credit. I’m in that boat.
If I fall between the eligible dates, but I have already recieved the $7500 tax credit can I amend my taxes?
I do have a question I can’t seem to find the answer to. Your front page article talks about an $8,000 credit to first time homebuyers. I am about to be married and I own a house, but my fiance has never owned a house. We are planning to purchase a house together (with a contract with different last names) before we are legally married. Can she claim the credit on her 2008 taxes that she will file as being single even though my name is on the title as well? Any insight you can provide would be most helpful.
Thanks,
Are there any CPAs or tax attorney types out there that can help Graham and Josh out with their questions?
Josh & Graham – this article might answer both of your questions
http://www.knoxnews.com/news/2009/feb/22/stimulus-could-benefit-you/?partner=RSS
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