Do I qualify for the Federal Tax Credit from the Mortgage Bailout plan passed a few months put a bet on?
I know that the Federal Government passed the bill a few months back and there is a chain item in there that allows for a 10% (up to $7500) due credit on your federal tax return. I am wondering though when the home had to be purchased to qualify for this credit. I purchased my home properly on May 20th of this year, but the bill was not passed for few months after.
I have be looking for any information regarding this, but can't find any to see if I qualify for the credit or not. Any help would be great. I know abundant times the government will back date qualification guideline to assistance include those who just made the purchase.
Answers:
The credit applies to first time home buyers who close on or after April 9, 2008 and before July 1, 2009.
This will afford you a cash flow shot in the arm but remember that it have to be paid back when you record taxes each year. You will have to start repaying $500 per year in 2010 and do so each year for 15 years, but within is no interest so it is a good deal if used properly. Source(s): CCH.com
It is the "First Time Homebuyers" Tax Credit. Just Google it - you'll find plenty of info.
Related Questions:
Can I be a mortgage advisor when I hold poor credit history?
The company I work for are about to become appionted reps and I am worried about the credit survey I will have to go through. More than potential not. I worked for a mortgage company for 5 years and every one that...
I have be looking for any information regarding this, but can't find any to see if I qualify for the credit or not. Any help would be great. I know abundant times the government will back date qualification guideline to assistance include those who just made the purchase.
Answers:
The credit applies to first time home buyers who close on or after April 9, 2008 and before July 1, 2009.
This will afford you a cash flow shot in the arm but remember that it have to be paid back when you record taxes each year. You will have to start repaying $500 per year in 2010 and do so each year for 15 years, but within is no interest so it is a good deal if used properly. Source(s): CCH.com
It is the "First Time Homebuyers" Tax Credit. Just Google it - you'll find plenty of info.
Related Questions:
Can I be a mortgage advisor when I hold poor credit history?
The company I work for are about to become appionted reps and I am worried about the credit survey I will have to go through. More than potential not. I worked for a mortgage company for 5 years and every one that...