YEBies Presents: Weekly Tax Tips For The Win (WTTFTW) Week 2
Tax Tip 1: First-Time Home Buyer Tax Credit:
This is probably the most well known tax credit that came out of the stimulus package so I won't spend to much time on it. This is just a reminder for those who purchased a house and decided not to amend their 2008 tax return. Don't forget to claim your tax credit on your 2009 return. Visit this website for all the housing tax credit you need. Federal Housing Tax Credit
1) The deduction is only for sales tax paid on a purchase price up to $49,500. Meaning if you purchased a car for $60,000, the amount taxes paid on the additional $10,500 ($60,000 - $45,000) will not be deductible on your tax return.
2) Single taxpayers with income over $135,000 are not be eligible to take this deduction. The income limitation is $260,000 for married filers.
Check out this Q & A from the IRS Website for more information here.
Your Resident Taxpert