Tax Home Credit 2008
October 28th, 2008
Question: How do I get the New Home Owners Tax Credit? Do you ever have to pay it back?
I am a new home owner and I purchased my home in april of 2008. I already filed my 2008 tax return. Can I still get the New home owners credit for this year or do i have to wait till I file for next year? How would I go about doing that if I can? Also are you required to pay it back later down the road?
My first payment was June 1st so it was closed in May 08
Answer: When did you close?
If you closed before 4/9/08, there is no credit available.
If you closed after 4/8/08, there is a $7500 first time homebuyer’s credit.
To receive the $7500, you would have to amend your 2008 return an attach Form 5405 to the 1040X (Amended Return). Any tax pro can do this.
This credit must be paid back. Your federal income tax refund will be reduced by $500 per year for 15 beginning with the 2010 return (filed in early 2011).
Redding’s November home sales best in three years
Triggered by a federal tax credit many feared was about to expire, record-low mortgage rates and declining values, home sales in Shasta County enjoyed their best November in three years.MDA DataQuick reported 164 closed escrows last month – unchanged from October – but a 48 percent jump from November 2008, when there were 111 sales in Shasta County.It was the largest number of home sales for …
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