High Desert Blog
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Homebuyer Tax Credit Ending Dec 1 |
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All good things eventually end… as with the $8K tax credit time is running out.
If you decide to purchase a home in The High Desert by December 1, 2009, you will be entitled to an $8,000 tax credit. This amendment to the economic stimulus bill will be available to if you purchase your first home between 1/1/2009 and 12/1/2009. Home buyers will be entitled to claim a total tax credit of $8,000 or 10% of the purchase price, whichever is less.
To avoid possible abuse of this credit, it is only allowed for your primary residence and will only have to be re-paid if said house is sold within two years of purchase. Keep in mind that you must close on or before December 1, 2009 to be eligible for the credit.
Most closings take about forty five to sixty days, so with that in mind you must go under contract by October 2nd to 17th, 2009 - this gives you sixty five days from today (July 28th) to find your first home. If you manage to meet these deadlines, all you have to do to claim your credit is fill out I.R.S. Form 5405.
To see a Tax Overview
For more information about this credit go to the IRS website
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