I stole my headline from a friend's Facebook Wall.....yes I am finally on Facebook. It is a blessing and a curse. Do I really want to reconnect with some of my college friends? Now I have no choice. Why are people that I hardly knew in college Friending me? I find the comments that people write on their Walls can be very annoying..... "I am thinking tomorrow will be a great day!" Well I am going to defriend you and take away a little of the joy you are expecting tomorrow. The other day I wrote on my Wall, "I am knitting a tea cozy out of my cat's shedded hair." Ok....back to the Stimulus Plan....
First time home buyers (or really anyone who has not claimed mortgage interest in the last 3 yrs.) can get up to an $8,000 or 10% of the value of the home tax credit. You need to close on a house by the end of November 2009. The tax credit begins to lessen for individuals who make over $75,000 or couples who make over $150,000.
This is real money. Let's say you are getting $1,000 back in your 2009 taxes....with this, you will get back $9,000!!!!!
Here is a note I got from a Tax Expert as a follow up to my post......
Hi Ted,
Bob and I were checking out your website this morning. I have two tax
offices and want to share something with you: anyone who qualifies for
the 2009 $8,000 first time homebuyers credit can amend their already
filed 2008 tax return and receive the up to $8,000 refundable credit
now. They do NOT have to wait until they file their 2009 taxes. Also,
Missouri has a program whereby a person qualifying for the credit can
actually receive an advance loan from Missouri (I believe it's 90% of
the credit) before they actually close on the home and use the funds
for their down payment.
Call me if you have any questions.
BTW, we enjoy your blog very much.
Gary Mudd
314-874-6865
gary.mudd@hrblock.com
www.hrbtaxandbusiness.com