2009 tax credit for first time homeowners

[Jettadear]

So obama enacted a tax credit of $8000 for first time home buyers who purchase a home from Jan 1st, 2009 thru Dec. 1st, 2009. My parents and I have been going around and around on it. If FH and I file together next year and we meet all the other qualifications, if we don't owe uncle sam a dime, do we get an $8000 check for getting the home. My parents aren't tax savy at all and I have taken a few tax classes but i may be reading all the information wrong. Any ideas?

[Whitewater]

Yes, that's exactly what it means.

Unfortunately, we're only getting back a little over $6000 from the $7500 1st time homebuyer 2008 tax credit, phooey! But at least we won't have to pay the government, they'll just take what we owe them out of the credit they're giving us.


Whitewater

[WebLady]

Here is another thread on this topic -
http://forums.onewed.com/showthread.php?t=24291

There might be more helpful info there too :)

[Moon.Dust.]

Looks like FH and I have some talking to do!

[MrsDM]

Thanks for asking that because I was wondering the same thing. FH and I are buying a house at the end of this month. Even though we already filed our taxes, we might file an amended tax return. There are so many things that we could use the extra money for with the house and not have to think about the wedding first.

ETA - how does this work though - FH already owned a house, but I didn't??

[MrsDM]

Here is another great website:

http://www.federalhousingtaxcredit.com/2009/home2.html

[Jettadear]

So I put it in front of my parents this morning. Ive had three tax classes in college and I was positive i was reading it right. lol My parents are so funny. They couldn't admit they were wrong. At the end of the conversation my mom got a little irritated and asked why they didn't have something like this when she was my age trying to scoung up enough dough for a down payment on a 65000 home. I couldnt help but smile and tell her i don't know but im taking advantage of it while its here.

[Jettadear]

So i just found out that you can take the credit on your 2008 taxes if you qualify for the $8000. I am jumping for joy. We can get all the things done around the house before the wedding and guests arrive and maybe have some left over. Im loving it. I can't wait to do fiancees taxes now. I always looked at filing his taxes as something I did because I loved him and it came easy for me. (I secretly hate to do it. Its like a load of whites laundry full of socks. Doesn't really take long but just a pain.) This year it could actually be fun. lol