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02-28-2009, 08:05 AM
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#1 |
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Registered User
Join Date: Jan 2007
Posts: 1,084
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The new $8k tax credit
I keep hearing that there is a new $8k tax credit for new home buyers. I have a friend in the following situation.
She is engaged to and has been living with a guy who owns his own home. Now, they are moving to a new location, and because it may take time to sell the old house, she is going to buy their next house based on her income/savings alone. So, this will qualify her for the credit, right? Now, here's the kicker. They are planning to marry later this year, about six months after she purchases the house. Would their being married (and thus filing together) disrupt her plans to use the tax credit at the end of 2009, because HE owned a home?
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"Wealth is the slave of a wise man. The master of a fool." -- Seneca |
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03-11-2009, 06:39 AM
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#2 |
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Registered User
Join Date: Jan 2007
Posts: 1,084
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Nothing? Buehler? Buehler?
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"Wealth is the slave of a wise man. The master of a fool." -- Seneca |
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03-16-2009, 02:41 PM
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#3 |
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Harold Hecuba Productions
Join Date: Sep 2004
Location: New Berlin, Illinois
Posts: 934
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Sorry 'bout the delay, Puck, been busy with other things.
The credit should be available to your friend. Not sure about if their being married will cause an issue, but if it does, the credit could be applied to the 2008 return (amended and refiled if necessary), as this credit is good for either year's return, for homes purchased before December 1, 2009.
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jb IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication (or in any attachment). |
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03-16-2009, 04:04 PM
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#4 |
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Registered User
Join Date: Jan 2007
Posts: 1,084
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Blankenship -- thanks! That's brilliant! So, she can still marry this year, but amend last year's tax return, even if she bought her home this year. Who thinks up this stuff? Reminds me of Wimpy, amended for modern times -- "I'll gladly take a deduction this year, for a house I purchase next year."
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"Wealth is the slave of a wise man. The master of a fool." -- Seneca |
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03-16-2009, 08:53 PM
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#5 |
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Harold Hecuba Productions
Join Date: Sep 2004
Location: New Berlin, Illinois
Posts: 934
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We're very concerned about getting this economy back on track. Concerned enough to do silly things like this.
__________________
jb IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication (or in any attachment). |
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03-17-2009, 01:30 PM
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#6 |
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No Disclaimer Necessary
Join Date: Feb 2005
Posts: 1,772
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I actually felt so guilty that our tax refund this year was so large (triple last year's due to major medical expenses, increased donations and a Hope education credit) that I actually attached a letter explaining the variance!
I bet they don't get that too often!
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"A nickel ain't worth a dime anymore." - Yogi Berra |
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03-17-2009, 02:05 PM
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#7 |
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Registered User
Join Date: Oct 2004
Posts: 631
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That we got a refund this time was surprising in and of itself. That it was large enough to eliminate any est. quarterly payments for this year was a pleasant change. Was able to offset the meager cap gains with a single tax loss harvest. I did resist sending the IRS a picture of my **** (fill in the blank
 ).
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Don't sweat petty things and don't pet sweaty things. |
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03-18-2009, 07:44 AM
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#8 |
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Harold Hecuba Productions
Join Date: Sep 2004
Location: New Berlin, Illinois
Posts: 934
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A couple of other things to mention, Puck - the credit is a maximum of $8,000 or 10% of the home purchase price, and it is not to be paid back as long as the homeowner lives in the home for 36 months. Also, for a single filer, there is an income limit of $75,000. Above that level, the credit begins to phase out.
__________________
jb IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication (or in any attachment). |
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