I just read some good news for once instead of all of the doom and gloom. Reuters released the results of a survey of 47 professional forecasters, predicting that the economy will still begin to recover the 2nd half of this year.
The new stimulus package for anyone who has not owned a home in the last 3 years read like this:
If you buy your home in 2009 you can take your first-time home buyer credit on either your 2008 or 2009 tax return. If you purchaase your principal residence on or after Jan. 1, 2009 and before Dec. 1, 2009 you can take the tax credit of up to $8,000 on either your 2008 return or next year on your 2009 tax return. The credit is equal to 10 percent of the home purchase price, up to the $8,000 limit.
If you buy your home before April 15, 2009, you can claim the $8,000 credit on your 2008 return, due by April 15. If you buy your home after April 15, 2009 but before Oct. 15, 2009, you can file an extension and just wait until the October tax deadline to file your 2008 tax return to claim the credit.
If you have already filed your taxes this year and want to claim the tax credit, you can file an amended return or just wait and claim the credit on your 2009 tax return.
Keep in mind that the 8,000 tax credit is income restricted.