Tax Buyer Credit
November 6th, 2009
Question: How does the $8000 first time home buyer tax credit work for someone who didn’t owe anything on taxes?
I am in the process of buying my first home, and I am wondering how the $8000 tax credit will help me if at all. I have never owed anything on my taxes, I have always got a refund. Someone told me that if you didn’t owe anything on your taxes that you would actually get a check for $8000 but I am very skeptical. Has anyone out there been in this situation?
Answer: As long as you meet all the qualifications, you will receive a check for 10% of the purchase price up to $8000. Go to the IRS website and search for the “First Time Home Buyers Tax Credit” articles. They lay out the qualifications regarding income, etc. And yes, if you always get a refund, the $8000 (or 10%, whichever is smaller) will be added to your refund, or if you close soon, you can amend your 2008 taxes and get it before you file for your 2009 taxes. If you prefer, you can wait until you file taxes next year, and claim the credit with those taxes. You must close before Dec 1, 2009 and the money is yours to keep, you don’t have to pay it back. And you can do whatever you want with it.
The only time you would have to pay it back is if you sell or cease to use the property as your primary residence before 36 months have passed.
An Englishman’s home is his castle, if he can get one | Rafael Behr
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$8K Home Buyer Tax Credit
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