Second chance for first time home buyers : Rooftop Views

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Second chance for first time home buyers

You've already filed your 2008 tax returns and maybe you've already received your refund. That means it's too late to obtain the $8,000 tax credit for first-time home buyers enacted by President Obama's Stimulus Plan, right? Wrong. The great thing about this tax credit is that you can still get the cash this year, even if you've already filed your taxes for 2008 – and the money is yours to keep. You don't ever have to pay it back, as long as you stay in the home for at least 36 months.

There's a lot of confusion in the media surrounding this tax credit, but it's actually pretty simple. Qualified first-time home buyers (anyone who hasn't owned a home in the three years prior to the purchase) can receive a tax credit of 10% of the purchase price up to $8,000. All you have to do is purchase a primary home (that means a home you'll actually live in, not an investment home) any time between Jan. 1, 2009 and Dec. 1, 2009. If you make a qualified purchase after April 15, or after having already filed your 2008 taxes, you and your tax professional can submit an amendment to your return and receive the credit on your 2008 taxes – you don't have to wait until next April.