All across Illinois, first time home buyers are interested in how to take advantage of the new 8000 tax credit for first time home buyers. No matter where in Illinois you live, the 8000 tax credit is a credit that is from the Federal Government and is available for a short time only (it ends November 30, 2009) so you must act before then (or it also may be possible that the deadline will be extended).
Here, we have organized some of the best resources that we could find to help you learn more about how the the 8000 tax credit works as well as where you can go for even more information.
Just a few of the best resources that we have found about the new 8000 tax credit for Illinois new home buyers include a site set up that answers many questions about the tax credit for new home buyers and we also found a short video.
For those who prefer to see answers in a video, here is a great one that answers quite a few questions:
Some of the top questions that we have heard from people are also below — if you have a different question after seeing all of these, let us know!
- Who is eligible to claim the tax credit?
- What is the definition of a first-time home buyer?
- How is the amount of the tax credit determined?
- Are there any income limits for claiming the tax credit?
- What is “modified adjusted gross income”?
- If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
- Can you give me an example of how the partial tax credit is determined?
- How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?
- How do I claim the tax credit? Do I need to complete a form or application?
- What types of homes will qualify for the tax credit?
- I read that the tax credit is “refundable.” What does that mean?
- I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?
- Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
- Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
- I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit?
- I am not a U.S. citizen. Can I claim the tax credit?
- Is a tax credit the same as a tax deduction?
- I bought a home in 2008. Do I qualify for this credit?
- Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?
- If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
- For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?
