December 1, 2009. This is a credit of up to $8,000 on either an original or amended 2008 tax return, or a tax return filed for 2009 – but the purchase must be closed by December 1, 2009. To be eligible, you must not have owned a principal residence during the past three years prior to the purchase date of the new home. Further, this deduction is phased out for MAGI above $75,000 for singles, $150,000 for married individuals.
January 1, 2010.
December 31, 2009. The important point of this provision is that if your tax situation is somewhat complicated – for example, if you have more than one wage-paying job, both spouses in the household work, or if you can be claimed as a dependent by another taxpayer – you should review your withholding now to determine if you’ve had enough withheld throughout the year. Otherwise, you could inadvertently have an underpayment penalty, receive a much lower refund than you expected, or possibly even owe taxes when you anticipated a refund.