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Old 10-31-2008, 03:21 PM
 
Location: MID ATLANTIC
7,607 posts, read 17,670,540 times
Reputation: 8107

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Quote:
Originally Posted by macaronte View Post
I need help:

Please, can anyone inform me where do I need to go in order to apply for a Federal Housing Tax Credit for First Time Home Buyers? My condominium closing was April 10th, 2008 [Miami, FL.]. I am 63 yrs old and my income is under $75,000 dollars a year. Do I qualify? Thank you very much. macaronte.
You won't believe this......and it's a direct cut and paste from grannynancy's link:

"The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified first-time home buyers purchasing homes on or after April 9, 2008 and before July 1, 2009."
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Old 10-31-2008, 03:28 PM
 
Location: MID ATLANTIC
7,607 posts, read 17,670,540 times
Reputation: 8107
LOL, I was so stunned by the date, I forgot the rest.......

Nothing to do now, the credit is taken when you file taxes. The full credit is available to singles that make 75K adjusted gross or less.

NOTE: You can adjust your withholding RIGHT NOW to start "receiving" part of your tax credit. They explain it better:
  1. "Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2008 tax return?
    Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the future home buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment. Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties. "
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