Housing Tax Credit

Like I have mentioned before, I just bought a home and have been in the process of moving. My wife and I actually qualified for the Housing Tax Credit. The tax credit we will receive is 10% of the purchase price of the home up to $8,000. In order to qualify, you must not have owned a home in the past 3 years and must close on the house by November 30, 2009.

After we closed, we received all of the documents of closing a few days after we closed. Last Sunday, I had made an appointment with my CPA and she made an amendment to my 2008 taxes. She gave me the paperwork that I needed to send into the IRS for my money. She told me that it is taking up to 16 weeks to receive my check. I plan on using the money to pay off some debt.

This tax credit does not have to be paid back, but you must live in the house for at least 3 years. If you are in the market for a new home, and you qualify for the tax credit, you must hurry up. The deadline for the tax credit is November 30, 2009.

Good luck.