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

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Real Estate Agent with Hunt Real Estate- Columbus Division

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

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Rainer
10,080
Mark Phillips
RE/MAX Hometown - Magnolia, TX

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.   

Feb 18, 2009 07:23 PM #1
Rainmaker
83,622
Randall Sandin
Carolina One Real Estate - Charleston, SC
843-209-9667 - Search for Charleston SC Real Estate

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

Feb 18, 2009 09:36 PM #2
Rainer
336,470
Chip Jefferson
Gibbs Realty and Auction Company - Columbia, SC

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.

Feb 18, 2009 10:00 PM #3
Rainer
268,563
South Austin Real Estate Blog
Sky Realty South Austin - Austin, TX

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

Feb 18, 2009 10:08 PM #4
Rainer
24,603
Keith Pound
EXIT REALTY CRUTCHER - Louisville, KY
Realtor, Auctioneer - Louisville, KY - 502-645-5950

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

Feb 18, 2009 11:12 PM #5
Rainmaker
579,933
Lee & Carol Barbour, REALTORS
Murphy and Hayesville, NC; Hiawassee, Blairsville, Blue Ridge GA - Murphy, NC
Mountain Living Team in Murphy NC and North GA

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

Feb 19, 2009 12:14 AM #6
Ambassador
727,841
Sheldon Neal
Bergen County, NJ - RE/MAX Real Estate Limited - Maywood, NJ
That British Agent Bergen County NJ

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 19, 2009 12:42 AM #7
Rainer
33,927
Kristal Perrone
Hunt Real Estate- Columbus Division - Rochester, NY
Associate Broker

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.

Feb 20, 2009 02:30 AM #8
Rainmaker
347,616
Angela Lawrence
Noble Merit Real Estate Services - Winston-Salem, NC
Broker/Owner

sounds very positive!

Feb 20, 2009 03:00 PM #9
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Rainer
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Kristal Perrone

Associate Broker
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