$7500 Tax Credit- Can I claim it on my 2008 taxes, if I haven't bought a house yet?

[john398]

It is a little backwards since you really can't use it for your downpayment however I guess it helps with buying new furniture or something like that...I think I better do what someone suggested and file an extension than claim it (closing in about 90 days on a new house) I may make too much in 2009 to qualify lol

[DallasLoanGuy]

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@john398 wrote:
It is a little backwards since you really can't use it for your downpayment however I guess it helps with buying new furniture or something like that...I think I better do what someone suggested and file an extension than claim it (closing in about 90 days on a new house) I may make too much in 2009 to qualify lol

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No, it is not backwards. It was not designed to be a down payment assistance program. Although many people are borrowing from parents and paying back with tax credit to game the system.

 

[Anonymous]

Thought this article may be interesting for those first-time home buyers this year.  The new democratic stimulus is looking to change the $7500 tax credit to a $7500 tax rebate.  As long as you purchase in 2009 rather than the initial period in 2008,  you won't have to pay back the money to the government.

http://www.nytimes.com/2009/01/17/us/politics/17stimulus.html?_r=2&ref=politics

[Anonymous]

When you say purchase in 2009 do you mean before the July 1 cut off or anytime in 2009?   The article didn't specify.