And to those of you who are looking to buy in the next few months, there is a home buyer’s credit in the new stimulus package. If you purchase a home after the bill passes (hopefully soon since we close in March), you will get a credit in the amount of 10% of the purchase price of your home (up to a credit of $15,000). You will not have to be a first time home buyer and you won’t have to pay the credit back either. The credit is non-refundable, but you can allocate the credit over your 2009 and 2010 tax returns (half this year, half next year). This will only be good for homes bought in 2009 after the bill passes.
Seems we are better off with just taking the standard deduction. I used to be better with doing taxes, but I am too forgetful/confused now because of my Fibromyalgia. I apologize for being a pita.
Edit-we aren’t eligible for the first time home buyer credit because we bought our house in January 2008.
Thanks for all the help!
Yes, I believe that you are, but the only catch is that you will have to pay back the $7,500 credit at some point (interest free), but I am not sure what the timing is on that (maybe 15 years but not sure). If you had bought after the new stimulus plan goes into effect you would get up to $15K over two years that doesn’t need to be paid back.