Were you considering buying a home this year and claiming the first time home buyer’s tax credit? If you were, a recent change to the credit may allow you to use it now rather than waiting until next year’s tax return.
The American Recovery and Reinvestment Act of 2009 allowed for a first time home buyer’s tax credit of up to $8000. This would be money that could be claimed on your tax return. Recent changes now allow a first time home buyer to apply the tax credit toward their down payment or closing costs.