By: Jack Erdos, Attorney And Cpa
$7,500 for Home Buyers
First-time homebuyers between April 9, 2008 and June 30, 2009 may claim a refundable tax credit equal to 10 percent of the purchase price or up t $7,500.
$1,000 Deduction – Without Itemizing
Non-itemizers may claim an additional standard deduction for state and local real property taxes paid for tax years 2008 and 2009. The maximum deduction is $1,000 for married couples filing jointly.
Double Your Stimulus
The 2007 stimulus rebate can be reclaimed on your 2008 tax return. Taxpayers need not repay any “excess” credit received.