There has been numerous questions surrounding the new $8,000 tax credit. Real Estate agents, home buyers and tax consultants seem to have conflicting answers to one fundamental question.
CAN I AMEND OR FILE MY2008 TAX RETURN AND RECEIVE THE CREDIT IF I HAVE NOT PURCHASED A HOME YET?
One buyer I am working with has a check on the way from filing an amended return and is planning on purchasing a home in the next 30 days. Another client went to a local tax office and was told she could not file an amended return unless she had a property purchased after January 1, 2009 and before November 30 , 2009 already in her name.
SO WHICH IS IT????????
I consulted with a tax professional and her statements were as follows:
FILE YOUR RETURN OR AMENDED RETURN (1040X)
IF YOU ARE PURCHASING A QUALIFIED PROPERTY IN THE TIME FRAME SET FORTH BY THE STIMULUS PLAN, TAKE THE CREDIT!!!! BEWARE----YOU MUST MAKE THE PURCHASE IN THE TIME REQUIRED OR YOU HAVE TO PAY THE MONEY BACK +PENALTIES AND INTEREST.
It will take several weeks to receive your refund but these funds, according to a reputable tax servcie, is available in this circumstance.
An FHA loan is 3.5 % down. This tax credit is perfect for anyone looking to buy a home but has not been able to save enough money for the down payment and closing costs.
For more information go to www.federalhousingtaxcredit.com
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