$8000 Tax Credit?
myjaxon February 17th, 2009
So Jesse came across this article on CNN Money about part of the new Obama stimulus package that is there to help first time home owners. According to this article, it says that first time buyers will be able to take advantage of an $8000 tax credit on their 2008 or 2009 taxes, but then it goes and contradicts itself. Here are the two quotes that have me confused…
First-time buyers can claim a credit worth $8,000 – or 10% of the home’s value, whichever is less – on their 2008 or 2009 taxes.
AND
To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009.
So now I’m confused. I know we would be eligible for the July 2008 Stimulus Bill which adds a $7500 tax loan that is disguised as a tax credit, but this one would be a lot better since we wouldn’t have to pay it back.
I have no clue what is going on with the first-time buyer addendums to the tax season. Both amounts would go a long way for us, but I don’t know if I want to take the July advantage if we’ll just have to pay it back later. It’s still a loan.
Has anyone else figured this out yet?
