2009-02-06 / Columnists

Stacy's Tax Tips

Commentary By Stacy Sand, CPA

The scoop on the First Time Homebuyers Credit:

a. You must be a first time homebuyer and buy your home between

April 8 and July 1, 2009.

Vacation homes and second homes do not qualify. b. You cannot have owned a home in the three years prior to taking this

credit. c. It can be claimed on your 2008 or 2009 returns and is worth up to 10

percent of the purchase price up to $7,500.

d. It is not a free credit. It is a 15 year interest free loan.

e. Please see your tax advisor for payback and additional rules.

Taxpayers aged 70 ½ and older should know that the IRS will NOT be requiring you to take your required minimum distributions in 2009.

Taxpayers can still donate up to $100,000 from their IRA and not pay tax on that distribution.

It may be more advisable to wait until after 2009 since the RMD has been waived for that year.

Taxpayers can give gifts up to $13,000 per person and not fill out a gift tax return.

This is up $1,000 from 2008.

Call or stop by my office for all of your accounting and tax needs! If you have a topic of interest, call me and maybe we can include it in the tax tips.

My office is located at 438 Beach 129 Street, 2nd floor and my number is 718-318-8829.

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