Christmas and New Years and TAXES, Oh my!
By Cindy Marchant, "Cindy in Indy" , Realtor, Fishers Real Estate
(Keller Williams Indy NE 317-290-7775 www.marchantteam.com)
As the end of December looms in the ofting; here are some tax tips you can use to keep more of your money! If you are a first time homebuyer, you can receive a $7,500 tax credit for 2009. You must buy the home by 6/30/09. Even if you buy the home in May and have already filed your taxes, you can file an amended return. You do have to pay this back through your taxes at $500 per year for the next 15 years. It is an interest free loan that has great timing right now. Give gifts to your children or grandchildren. Gifts up to $12,000 (or $24,000 if you are married and each giving a gift) per child need not be reported but the check must clear prior to 12/31/08. If you participate in a 401(k), 403(b) or 457 plan; you can take advantage of expanded limits on contributions. The general l...