Girls looking to buy property...

Ok Ladies. I am not sure how many of you know about the First Time Home Owner incentive/stimulus for purchasers in the year 2009.

Under the Bush Administration, people who purchased homes in 2008 got an interest free loan of up to $7500. You would have to pay it back over the course of like 6 yeas or something. I was thinking about applying for this

But the Obama Administration made it an $8000 GIFT. I went to do my taxes last night, and I spoke with my accountant about it all. I had no idea the rules had changed and it was a GIFT.

So, since I purchased on January 2009, I qualify for the gift. And the best part is the rule actually lets me claim it on my 2008 return because I purchased prior to the income tax deadline.

So WOOHOO!!!!

Some things you need to know - this must be your first home purchase. If filing singly, you must make less than $75,000 a year to qualify for the full amount. If filing jointly, you must make less than $150K.

Now - here is what I didn't know - you don't have to be married to file jointly. If you are living together and sharing household expenses with an intent to marry, you can file jointly. At least that is what my accountant told me last night.

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Posted by TheLadyJ

Ok Ladies. I am not sure how many of you know about the First Time Home Owner incentive/stimulus for purchasers in the year 2009.

Under the Bush Administration, people who purchased homes in 2008 got an interest free loan of up to $7500. You would have to pay it back over the course of like 6 yeas or something. I was thinking about applying for this

But the Obama Administration made it an $8000 GIFT. I went to do my taxes last night, and I spoke with my accountant about it all. I had no idea the rules had changed and it was a GIFT.

So, since I purchased on January 2009, I qualify for the gift. And the best part is the rule actually lets me claim it on my 2008 return because I purchased prior to the income tax deadline.

So WOOHOO!!!!

Some things you need to know - this must be your first home purchase. If filing singly, you must make less than $75,000 a year to qualify for the full amount. If filing jointly, you must make less than $150K.

Now - here is what I didn't know - you don't have to be married to file jointly. If you are living together and sharing household expenses with an intent to marry, you can file jointly. At least that is what my accountant told me last night.

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Thanks! That part about filing jointly if even you arent married yet is interesting but Ive never heard of it and thought like most people that you must me legally married on the last day of the tax year. If thats true though, very cool because supposedly you benefit from it, it most situations.

I'm a CPA...and that bit about filing married jointly, even if you are not married I never heard of.

You can file married jointly if:

1. You were married at the end of the year, even if you didn't leave with your spouse

OR

2. Your spouse died during the year and you did not marry

OR

3. You were married at the end of 2008, and your spouse died in 2009 before filing the 2008 tax return.

Regarding being able to get the first time homebuyer credit on your tax return for 2008 that is correct.

Congrats on the new house!