Welcome Guest. Register Now!  

Homeowner Tax Home owner tax issues and rebates.

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-29-2009, 01:49 AM
TaxGuru's Avatar
Tax Guru
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,413
Blog Entries: 3
Which taxpayers are eligible to claim the $7,500 tax credit?

According to the IRS, if the taxpayer is a first-time homebuyer, he or she may be able to claim a one-time tax credit of up to $7,500 ($3,750 if married filing separately) or 10% of the purchase price of your home (whichever is smaller).

Furthermore, the taxpayer may be able to claim the credit if both the following situation applies:

1. The taxpayer purchased their main home in the United States after April 8, 2008, and before July 1, 2009.

2. The taxpayer did not own any other main home during the 3-year period ending on the date of purchase.

The IRS states that "the taxpayer can choose to claim the credit on your 2008 Form 1040 for a main home purchased after December 31, 2008, and before July 1, 2009. If the home has been constructed the taxpayer is treated as having purchased it on the date you first occupied it."

It is also worth noting that for the purposes of the tax credit, the purchase date is the date when closing occurs.

Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.

Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Can taxpayers claim both the DC 1st time Home Buyer Credit & First-Time Home Buyer? TaxGuru District of Columbia 0 01-25-2009 11:32 PM
IRS announces Additional Standard Deduction Amounts for Eligible Taxpayers in 2008! TaxGuru For 2008 0 09-11-2008 11:50 AM
Who is eligible to claim a Child Tax Credit in 2007? TaxGuru Tax Credit 0 03-05-2008 08:02 PM
Who is eligible to claim the Lifetime Learning Credit? katlee Tax Credit 1 01-02-2008 06:41 PM
Can I claim a depreciation deduction for Computer paid by Credit Cards at 12/31/06? kapriati Depreciation 1 01-25-2007 09:39 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning

» Recent Tax Q&A
No Threads to Display.