You’re probably up to your next by now in forms and paperwork as the April 15th income tax deadline approaches. Maybe you’ve already completed your taxes, paid your bill, or awaiting your refund check. Either way, now is the perfect time to revisit the extended and expanded Home Buyer’s Tax Credit.
Why? Because now, as you calculate your tax bill or refund, you can finally see in real terms just how beneficial a tax credit of up to $8,000 can be to your bottom line.
1. You don’t have to pay it back (as long as you stay in your qualified home for at least 36 months).
2. If you qualify for the credit, you can still apply it to this year’s taxes, even if you have already filed your returns, or save it for 2010 tax returns.
3. This is a true tax credit, not a deduction. If you qualify for a full credit, there will be an actual dollar-for-dollar reduction of up to $8,000 on your tax bill now or in 2010.
4. You must be in contract by April 30, 2010 and closing by June 30, 2010, so don’t wait!!!!