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Tax Tips
December 2009
First Time Home Buyers Credit Extended
The first-time homebuyer credit of $8000 has been extended five months
and now also includes a "long-time residents" credit of up to $6.500
(owned/used same home as primary residence for at least five consecutive
years) and not actual first-time home buyers. The deadline for
qualifying home purchases is April 30, 2010. Rules apply.
Hope or Lifetime Learning Credit Increased
The Hope credit has increased to a maximum $3,600 for students in a
Midwestern disaster area, which includes some of Wisconsin (and others).
This lifetime learning credit is for qualified educational expenses for
students attending an eligible educational institution. Rules apply.
Energy Property Credit
Equals 30 percent (up to $1500 maximum) of what a homeowner spends on
eligible energy-saving improvements such as certain high-efficiency
heating and air conditioning systems, water heaters and stoves that burn
biomass, along with labor costs. Qualifying and certain windows,
skylights, doors, insulation and roofs also qualify. Rules apply.
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