TIME IS RUNNING OUT! - Important information about the first time home buyers Federal Tax Credit

By: McCoy's Editorial Team

2009 tax credit for first time home buyers

We've talked in our blog before about tax credits available for first time home buyers. You can learn more about the 2009 tax year credit itself by going here. But what you may not know is to take advantage of this up to $8,000 dollar tax opportunity, you need to act more quickly than you might think.

You see, the deal is that in order to qualify for the deadline of December 31, 2009 you need to be in the house by that date, not just under contract to have the house built. So, if you are considering finding the right area, selecting a builder, then waiting through the construction process, you are talking about needing to be in your new home in 3 months. If you want to take advantage of the credit, you're going to need to start making some decisions now.

Make sure you get credit where credit is due

This page, as all of the content on mccoys.com, adheres to the terms outlined in our Legal Notice.

bojofre, Jan 5, 2010 9:14 pm

My wife and I bought a house in Sept. of 2006, is there any sort of tax crdit we can qualify for?

sarahl, Jan 6, 2010 3:00 pm

McCoy’s area of expertise is building supplies, not tax codes, so it is always a good idea to consult a tax professional to get the full picture on how you can save on your return. However, that doesn’t mean you shouldn’t do a little research yourself to help you ask your tax guy the right questions. A good place to start learning about home buyer tax credits is through the NAHB sponsored site, http://www.federalhousingtaxcredit.com/glance.php. And, while McCoy’s isn’t currently aware of any new home buyer credit that dates back to 2006, if you’ve done any recent improvements, you may qualify for an energy efficient housing tax credit. To learn more, visit http://www.mccoys.com/library/energy-efficient-housing-tax-credits.

Have a question or comment? Share it! Login or Register to comment.