The Federal Tax Credits Blog

Question: New tax credit for FIRST home buyer 2009?

we bought the house going to closing in April.I knew this year have new credit for first home buyer,what should I do next? should I contact IRS let them know or any type of form I need to fill out.thank You .

Answer: If you bought the house in April 2008 then the person who said its a tax free loan is correct, you’ll have to pay it back over 15 years. Still a good deal. But, if you’re saying you’re going to closing April 2009, right now, they’re aiming to change that provision requiring it to be paid back…retroactive to January 1, 2009. Both the Senate and House bills have provisions which does away with the requirement to pay the money back, making it a TRUE credit for first time homebuyers, the catch is your house has to close after Jan. 1, 2009 and depending on how the bill gets signed… June 30th (House bill), August 31st (Senate bill).

http://money.cnn.com/2009/01/29/real_estate/tax_credit_near/index.htm?postversion=2009012917

In order to get the money, you can either file now and amend your tax return after the bill is passed (if you’re buying April 2009), or just request the $7500 credit in this year’s return if you bought in April 2008. You don’t have to contact anyone, just include it on your tax return or amended return.

Enid market has been filled with highs and lows

The real estate market over the last decade in Enid was filled with highs and lows, but mostly highs thanks to Vance Air Force Base and efforts made to improve the city as a whole.

Tax Credit For Homebuyers Is Expanding

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