Quote:
Originally Posted by stlchiefs
If you plan to buy in 09 you can claim the credit on your 08 tax returns and get the 8k back this year. If you don't claim the credit until the 09 return you will have to wait for your money. The only problem you run into is if you claim it on your 08 and end up not buying in 09, then you'll have to file an amended return and pay some penalties, interest, etc.
You are correct that the 8k credit that passed with the newest stimulus bill does not require repayment if the homeowner stays in the home for 3 years. Whereas before the $7,500 was like a no interest loan repayable at the time of sale or in 15 years the $8k does not require repayment as long as you meet the 3 year requirement.
The wife and I were looking at buying before and had placed a June 30th deadline on our search, now we have all of 09 to find something and a better incentive.
I'm not a fan of how the government is handling the economic situation and bailing out everyone and their dog, but if there's money on the table for me for once, I'm not turning it down.
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Good call. It says it has to be your principal residence. So, obviously I assume if you don't live in it you can't use the credit. I'm planning on living in it and renting out a couple rooms. Would I still qualify? I just want to make sure they won't fuck me at the end of the year when I'm waiting for my 8 grand.