Randmness

So I did a bit of research on the housing stimulus bill because I am both clueless about it and interested in it.

Here is the breakdown on how to qualify:

1. 1. The stimulus is set for 10% of the purchase price of the house or $8,000 – whichever is lower.
2. 2. The stimulus applies for anything that will be considered your main residence (Apartment, house, houseboat, condo.. You get the drift).
3. 3. You must make under $75,000 a year or $150,000 if you are a joint tax filer.
4. 4. You must be a first time home buyer (or are buying a home for the first time in 3 years).
5. 5. You must live in the house for at least 3 years otherwise all $8,000 must be paid back.
6. 6. You can not buy the house from a close family member (parents, grandparents, children, or grandchildren).
7. 7. You must purchase the house before the end of the year. It looks like December 1, 2009 is the cutoff.
8. 8. When it comes time to do your 2009 taxes IRS form 5405 must be filled out an attached to the 1040. If you use tax software make sure it is updated and it should put everything through.

Tags: Money

This entry was posted on Thursday, July 16th, 2009 at 7:45 pm and is filed under Taxes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.