Uncle Sam Helps with Home Purchase
For those who have not owned a personal residence in the last three years, Uncle Sam is wanting to help you buy a new home. If you purchase a home this year and your income is below certain levels, then Uncle Sam will refund you $8,000 when you file your income tax return.
You can even elect to report this on your 2008 tax return and get the refund now. Unlike the law last year, this is not a loan and you get to keep the money as long as you hold the house for a certain period of time.
There are several complexities to the credit and you need to review this with your tax advisor, but this can help you get the house you want.
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
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