September 2009 
There are 1 blog entries for September 2009.
Time is running out for the Home Buyer Tax Credit!
Thursday, September 3rd, 2009 at 8:29am. 91 Views, 0 Comments.
The American Recovery and Reinvestment Act of 2009 authorized a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. This means that you must complete the purchase of your home by November 30, 2009 to qualify for this tax credit.
So, what exactly is a tax credit versus tax deduction?
Basically, a tax credit directly reduces the amount of tax you owe whereas a tax deduction of an equal amount would only reduce the amount of your taxable income.
How do I know if I would qualify?
Here is a great resource:
http://www.federalhousingtaxcredit.com/
Here is the required IRS Form 5405:
http://www.irs.gov/pub/irs-pdf/f5405.pdf