WASHINGTON – June 10, 2009 – When it comes to the $8,000 tax credit for first-time homebuyers, it seems there’s a new program every week to help tap that money today.The credit can be claimed on 2008 or 2009 tax returns. Homebuyers who get a loan backed by the Federal Housing Administration can use the money to cover closing costs and other fees, and at least 10 states offer ways to use the tax credit faster.
Income considerations: The tax credit, for home purchases made through end of November, comes with income thresholds, $75,000 for individuals and $150,000 for joint filers. After those limits, the credit begins to phase out. If you bought a home this year and expect your 2008 income to be lower than next year’s, it makes sense to file for the credit this year using a 2008 amended return.
Read more at:
http://www.floridarealtors.org/NewsAndEvents/n2-061009.cfm
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