CENTRAL OHIO -- Time is running out for those of you interested in the federal tax credit for first-time homebuyers.
Many Central Ohioans are confused about what it really means.
NBC 4’s Mikaela Hunt GOT ANSWERS.
“I thought it was going to be scary, but it wasn't so bad,” Emily Clark said.
Clark moved into her first home with her son, Isaiah, last April.
“The carpet is nice. I've only had apartment carpet that's smashed in,” she said.
She was confused about the tax credit: 10 percent of the purchase price of your home up to $8,000.
“I wasn't sure how I was going to get the whole $8,000. I didn't understand that fully,” Clark said.
With first-time homebuyers taking up more than 50 percent of homebuyers right now, local Realtors said they're being asked a lot questions.
“We're seeing a lot of confusion. A lot of people know there's a tax credit out there. But quite frankly, never having filed a long form 1040, they don't know what a tax credit is. They think it's a deduction,” Realtor Mic Gordon said.
It's not. It's cash.
After you buy, you can amend your 2008 tax return.
You send that amendment into the IRS.
In about four weeks, you'll get a check.
There are no restrictions on how you can use the money.
The credit expires Dec. 1, 2009, though.
It doesn't have to be your first home, either. Those who haven't owned a home in the past three years will qualify, too.
“It's going to help me get my car paid off, and I'll be better off,” Clark said.
Still confused? Take a local tour from 1 to 2:30 p.m. Saturday to learn how it all works. It's at the Aladdin Shrine Center, 3850 Stelzer Rd., Columbus.
Go to http://www.taxcredittour.com/ to sign up for the tour.
For additional information, stay with NBC 4 and refresh nbc4i.com -- Where Accuracy Matters.
To submit a story idea or news tip, e-mail stories@nbc4i.com.
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