I don’t know about y’all, but I’ve really found myself interested lately in learning about trying to find the best ways to get the most deductions when I file my taxes. I’ll admit that in the past I really haven’t thought much about it. Things have been pretty much straight forward, but so much has changed that I wanted to check into things and see what I could find.
Upon doing a little research, I found a great video about a home buying tax credit, which could benefit many of us. The video talked about a credit that had been extended into April 30th of this year. Basically, if you haven’t owned a home in the past three years, and you have bought or are in the process of buying a home and have a signed contract by April 30th of this year (with closing being done by the end of May), you are entitled to a new home tax credit of around $8,000. With all the struggles in the economy these days, that’s a tax break that many of us could use, but one that some of us may not even be aware of. I know I wasn’t.
Luckily, not only did I learn something that can possibly benefit us, but it can also possibly benefit y’all as well. It could also be a deciding factor for those of you who have been thinking about buying a home but weren’t sure. Now would definitely be the time so you can still get the tax credit.