1. There is no name or number which identifies the 2008 credit differently than the 2009 credit. The amount of the credit will be determined by the purchase date you report. Since you will be purchasing your home in 2009, you will receive the $8,000 which does not need to be repaid, in contrast to the 2008 credit which was just an interest free loan for $7,500. The credit will be claimed by completing Form 5405
. You will see when you complete that form
that there are instructions for both 2008 and 2009 purchases, and you will use the instructions that apply to your 2009 purchase.
2. The sale must be completed no later than 11/30/09. You cannot simply have a contract on a home.
3. Your salary is under $75,000, so as a single person you qualify for the full credit of $8,000.
4. Even if you owe nothing to the government, you will still get a check back for the full $8,000 plus any other normal refund that you are due.
5. "Permanent" residence is not a term used for this credit. Rather they refer to "principal" residence. Your principal residence is a home you have owned for at least 2 years and that you have lived in for at least 2 of the previous 5 years. If you have owned a home that would fall under that definition of principal residence in the last 3 years, then you would not qualify to claim this credit.
6. In order to keep the $8,000 credit and not be forced to repay it to the IRS
, you are required to keep ownership of the home for a minimum of 36 months and you must use the home as your principal residence. You cannot use it as a vacation home or rental property
. If you sell the home prior to owning it for 36 months or if you quit using it as your primary residence during that time, then you would have to repay the full $8,000.
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