LOFTUS
ACCOUNTING, LLC
200 White Birch Drive
Cinnaminson, NJ 08077
ph: (856) 829 - 3572
fax: (856) 829 - 2728
info
2009 Homebuyer's Credit
The Homebuyer's Credit is available for purchases with signed contracts before April 2010. A home is considered "purchased" when all events have occurred that transfer the title from the seller to the new purchaser. Closings must occur before June 2010, for purchases to be eligible for the credit.
- If I buy in 2009, do I have to wait until next year to get the benefit of the credit?
Eligible homebuyer's who make their purchase between January 1, 2009 and December 1, 2009 can treat the purchase as if it occurred on December 31, 2008. There are three filing options; claim the credit on 2008 return, file for an extension, or file an Amended 2008 return.
- I purchased my home in early 2009 before the stimulus bill was enacted. I claimed the $7500 tax credit on my 2008 return. Am I restricted to the $7500 credit?
No, you would qualify for the $8,000 credit. Eligible purchasers who have claimed the $7,500 can file an Amended 2008 tax return to obtain the additional credit.
- If I claim the 2009 credit on my 2008 tax return will I have to re-pay the credit just as the 2008 credit?
- No, the 2009 version of the Homebuyer's Credit does not require repayment even if it is filed on the 2008 tax return.
200 White Birch Drive
Cinnaminson, NJ 08077
ph: (856) 829 - 3572
fax: (856) 829 - 2728
info
