The recent $8000 tax credit announcement is causing quite a storm here in Iowa. This is REAL money for you to spend! As long as you do not owe the IRS any money (and subject to a few exceptions) you can get an $8000 check back after you buy your first home. As a real estate broker, I specialize in Des Moines Area real estate and would love to tell you more about this great program. In fact, you can get a no obligation Q&A on the tax credit at http://www.8000dollars.com
A few questions we are regularly asked about the tax credit are as follows:
Q. What is a first-time home buyer?
A. According to law, a first-time home buyer is someone who has not owned a principal residence in the past 3 years. There is a test of homeownership history for married taxpayers which we can discuss if it may apply to you.
Q. I had no federal tax liability, can I still claim this tax credit?
A. Yes! This tax credit is refundable, meaning it can be claimed even if you have minimal (or even no) federal income tax liability. For example, if you are a qualified home buyer and owed the IRS $2000 on April 15th, you would receive a check for $6000 after claiming the tax credit ($8000 minus the $2000 you owed.)
Q. I have already filed my 2008 return, can I get this money before I file my 2009 return?
A. Yes. There are two common ways to do this. Your tax preparer can file an amended 2008 return. Another way would be reducing your tax withholding to accumulate cash by raising your take home pay.
Legal smallprint :) Nigel Chapman and RE/MAX Real Estate Concepts recommend that you seek legal and tax advice from an Attorney and or CPA of your choice. RE/MAX Real Estate Concepts, its staff and agents are not giving tax advice in any manner. This information is given for general guidance only. The information does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind nor should it be construed as such. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action on this information, you should consult a qualified professional adviser to whom you have provided all of the facts applicable to your particular situation or question. None of the tax information herein is intended to be used nor can it be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
Nigel Chapman, RE/MAX Real Estate Concepts, 550 36th Ave SW, Altoona, Iowa 50009. Call Direct 515 321-8094. Nigel@RealEstateConcepts.net. Licensed in Iowa. Each office independently owned and operated. Equal Housing Opportunity.
