Who would have a copy of the bill of sale for my house? I lost it and need to turn it in to get a first time homebuyer credit for 2008?

However, higher income buyers may receive a partial credit. You must also live in the house purchased for at least three years or you will be required to pay back the credit. The property being purchased can not be owned by a close relative like a parent, grandparent or one of your children.

The definition in bill for a first time home buyer is anyone that has not owned a home in the last three years. The credit can be claimed on your 2008 or 2009 income taxes. Now as I said you can claim the credit on your 2008 tax filing.

If you have already filed them, you can file an amended return to claim the credit if you wish to do so. Based on the feeback we've been getting, the process takes about 12 weeks. Another great thing about the credit it that it is fully refundable, so even if your total tax bill (refund) is less than $8,000 (and you qualify for that amount of a credit), you would still receive the full $8,000 back plus the amount you had overpaid.

For example, John's taxes showed that he had paid $5,000 in taxes over the year. He filed his return and he actually only owed $3,000 in taxes. Normally he would have received a refund of $2,000.

But under this bill, he would receive the full $10,000 instead! To claim the credit on your taxes is just a matter of filling out the form, without any additional paperwork involved. This is a simplified breakdown of the economic stimulus bill.

I highly recommend consulting a professional tax service regarding your taxes. Thank you for reading our real estate blog and feel free to contact us for all of your Las Vegas NV real estate needs.