Now that President Obama has signed the 2009 economic recovery bill into law today, the provision giving first-time homebuyers allows for a $8,000 fully refundable tax credit with no repayment requirement (not the prior law that stated only a $7,500 tax credit that had to be repaid) is in effect for those buying homes Jan 1, 2009 to Aug 31, 2009. If my escrow closes on Feb 27, 2009, and I am using Turbo Tax Deluxe 2008, how can I claim this newer $8,000 credit if the software still uses the older $7,500 credit?
Taking the First-Time Homebuyer Credit
Updated: 2/23/2009
Article ID: 6360
Some 2008 homebuyers are eligible for a tax break, essentially an interest-free loan worth as much as $7,500, under The Housing Assistance Tax Act of 2008.
Known as the first-time homebuyer credit, the tax break is available if you purchase a home on or after April 9, 2008 and before Jan.1, 2009, and meet certain income and other requirements.
The credit is equal to 10 percent of the home purchase price, up to a limit of $7,500.
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NOTE: Under the American Recovery and Reinvestment Act, signed into law Feb. 17, 2009, the first-time homebuyers credit offers buyers a much better tax break. Taxpayers who buy in 2009 can claim the credit when they file their 2008 tax returns, assuming they meet other qualifications.
For more, see: http://turbotax.intuit.com/support/kb/tax-content/tax-tips/6360.html
Taking the First-Time Homebuyer Credit
Updated: 2/23/2009
Article ID: 6360
Some 2008 homebuyers are eligible for a tax break, essentially an interest-free loan worth as much as $7,500, under The Housing Assistance Tax Act of 2008.
Known as the first-time homebuyer credit, the tax break is available if you purchase a home on or after April 9, 2008 and before Jan.1, 2009, and meet certain income and other requirements.
The credit is equal to 10 percent of the home purchase price, up to a limit of $7,500.
###
NOTE: Under the American Recovery and Reinvestment Act, signed into law Feb. 17, 2009, the first-time homebuyers credit offers buyers a much better tax break. Taxpayers who buy in 2009 can claim the credit when they file their 2008 tax returns, assuming they meet other qualifications.
For more, see: http://turbotax.intuit.com/support/kb/tax-content/tax-tips/6360.html
Orignal From: How can I claim the newest first-time homebuyer credit of $8,000 (no repayment requirement) on my 2008 taxes?
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