Comments on: 2009 Economic Stimulus Plans Effect on Taxes Now and Beyond

By: Your Money Relationship - Buying New Windows, Insulation or Central Air? Use the New Home Energy Tax Credit

Mon, 23 Feb 2009 21:00:19 +0000

[...] of buying new windows or installing central air? The new economic stimulus plan offers some financial help in terms of [...]

By: Adam

Adam — Sun, 22 Feb 2009 15:35:41 +0000

@Fran – Unfortunately, you can only claim the credit after you purchase the house. So, if you purchase the house this year, you have to wait until you file your 2009 return to get your money. I would see if a family member can loan you the money until you receive the credit next year.

However, you can file for an automatic 6 month extension on your 2008 return using IRS form 4868. If you buy a house during that extended time, you can then claim the credit on your 2008 return and get the money faster. However, if you owe money to the IRS for other reasons, you still have to pay that by April 15th, 2009.

By: fran

fran — Fri, 20 Feb 2009 20:18:14 +0000

I was wondering if the 8K for home can be claimed before purchasing the home to use it as a down payment.

Thanks.