As part of the 2009 Stimulus package, there is a great incentive for home ownership available to some lucky home buyers. I personally feel that this would have been better if given out across the board, but here is how to get the $8000 tax credit:
If you qualify for it you can take the credit on your 2008 tax return! This is the cool part as taken from http://www.federalhousingtaxcredit.com :
Yes. The law allows taxpayers to choose (“elect”) to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.”
Looking for Seattle houses to qualify? Check them out here and feel free to send any questions my way: Courtney@cooperjacobs.com
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Disclaimer: This information is provided for convenience. You should consult with your tax professional/accountant for further details in determining whether or not you meet qualifications.