Thursday, March 19, 2009
Well, now, how about buying a new house?
Gosh, this is fun, isn’t it? The Congressional hearings, the ripoff artists, the ducking bureaucrats, maybe a new American currency (the Amero?), bonuses for all (oh, didn’t yours come?), etc.
You deserve a new house.
There is a rumor going around that buried in one of those behemoth bills was a clause saying you can get a $8K tax credit for a new house.
Ooops—not you. First-time buyers. Wait—it’s OK. This means you have not owned a primary home for 3 years. Not first-time EVER.
OK. You must buy this dwelling this year, 2009. If you got one in 2008, you get $7,500 but have to pay it back over 15 years.
Stay in the new 2009 home for three years, and you don’t have to pay back the $8K.
If you are building, you must occupy this year.
Oh, and the $8K is the max—the credit is equal to 10% of the purchase price up to $8K.
Confused yet? Well, good for you! This ought to do it—if you buy in 2009, you can claim the credit on 2008—just file an amended return.
And then jump out of your new window!