The Obama Home Buyer Tax Credit De-Mystified

23 Feb
February 23, 2009 Here is my first cut at the Tax Credit the new bill contains.  Please consult your tax advisor (or congressman….lol) for additional details.  There is a new $8,000 first-time home buyer tax credit.  It does not replace the $7,500 tax credit issued last year (that one must be paid back).  If you purchased your home between 4-8-2008 and 12-31-2008 you do not qualify for the new tax credit. The $8,000 tax credit is available for “qualifying” home purchases from 1-1-09 until 12-1-09    (that is correct, December 1st)  The tax credit will reduce the tax you owe dollar for dollar.  This is great!  A tax credit reduces the taxes you owe, a tax deduction reduces your taxable income, Read more [...]