There are always situations that come up to test our knowledge! This question arises when you have a co-signing person who already owns a property and would not qualify for the tax credit on their own – but the principal home owner would be a qualifying First Time Home Buyer. (more…)
When you are considering a major purchase (such as a house) – credit repair could be recommended as a starting point. Click Here for a VIDEO that does a great job of explaining the credit repair process. Our in-house lender will work with you to prepare you for the buying process – even through the process of credit repair, if necessary. In the end, taking a few steps now can put you in a better place for future home purchases!
HURRY – as this credit expires December 2009!!! NOW is the time to make that move and receive your Tax Credit.
There is so much confusion, even with all the information out there – I think this handy brochure published by our Ohio Association of Realtors is the best way to easily explain so that you can understand if the Tax Credit will work for your purchase… (more…)
Always on the look out for good information- a different twist or thought for making something better for those who may be looking to make the most out of their situation. This clip from an article caught my eye – maybe it will be of interest to you as well?
Misconception #4: You can’t get the 2009 first-time home-buyer tax credit until you file your tax return next year.
Actually, taxpayers who buy a first home in 2009 do not need to wait until they file their 2009 return (by April 15, 2010) to benefit from the credit. To get the money into the economy faster, the federal government is giving you a choice of claiming the first-time home-buyer credit on either your 2008 or your 2009 tax return.
There’s actually a way to benefit from the credit even before you buy your first home. If you plan to buy by the November 31 deadline, you can reduce your withholding on your paychecks right away. The increased take-home pay could help you with the down payment. File a new W-4 form with your employer to adjust your withholding. (And remember to re-adjust your withholding again next year.)
If you have already filed your 2008 return, you can use Form 1040X to amend it. If you purchase a first home after the 2008 tax-filing deadline of April 15, 2009, you can still claim the credit on your 2008 tax return either by requesting a six-month extension for filing your return (which doesn’t extend the deadline for paying any taxes owed) or by filing an amended return.
7 Misconceptions About the Stimulus
by Kimberly Lankford
Thursday, April 9, 2009provided by
If you have never bought a home, or its been 3 years since you were a home owner: you may be wondering just what all is involved with the process…this series of posts will help guide you through and hopefully answer some of your questions. As always – you can call or email me with any specific questions you might have. My FREE Home Buyers Seminars are also a great way to get answers to questions and learn about the buying process…
