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More Information on the New 8,000 Tax Credit For First Time Home Buyers

The buzz this week has been the 8,000 tax credit for first time home buyers that does not need to be paid back. We are still waiting to find out for sure if this can be claimed when you file in 2009, instead of 2010. I am waiting to hear back from the president of our mortgage company as well as my own tax advisor. I am told the software has not been updated yet at the tax offices. Yet many are saying it can be done now. I'd prefer to wait until we know for sure, than give someone the wrong information.

Here is a link with more information from The National Association of Home Builders: http://www.federalhousingtaxcredit.com/2009/home2.html

Posted by Kristal Perrone - Associate Broker on 02/19/2009 03:01 AM

Comments (9)

8, 000 tax credit, first time home buyer

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9 Comments on More Information on the New 8,000 Tax Credit For First Time Home Buyers

FEB

I have spoken with a few CPA's that I know on this matter. I am being told that as long as they purchased the home before they file, that they can file on their 2009 return. They will be able to file an amended return if the purchase is after they file or they can file in 2010.

I am waiting on this news as well - update your post if you find out before me - thanks

H&R block doesn't have this updated yet. I was told by support that it will take 48 hours to have it updated. Nice bonus.

Kristal thanks for the link to the National Home Builders page, it has some great FAQs about this.

Thanks for the info , the link to the The National Association of Home Builders was very helpful

Thanks Kristal. Keep us updated and thanks for the link.

Hi Kristal !

I will be important for us as Realtors to stay on top of these programs and their requirements as our clients are likely to come to us looking for explanations !

Good reminder Kristal - I'll keep looking for program guidelines :o)

Cheers !

Sheldon

FEB

It looks like the answer is yes.

I've pasted below, from the website:

Question: If I'm qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?

Answer: Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.

Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted their 2008 return to the IRS, may file an amended 2008 return claiming the tax credit. Buyers should consult with a tax professional to determine how to arrange this.

Buyers should check with their own tax advisor. I am not a licensed accountant. Sources deemed reliable but not guaranteed.

sounds very positive!

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